Answer the follwoing questions on your own. Compile answers to your portfolio. 1. Describe a company's annual reporting period. 2. Why do companies prepare interim financial statements? 3. What two accounting principles most directly drive the adjusting process? 4. Is cash basis accounting consistent with the matching principle? Why or why not? 5. If your company pays a $4,800 premium on April 1, 2011, for two years' insurance coverage, how much insurance expense is reported in 2012 using cash basis accounting?

/ Self-Check: 3 5 Answer the follwoing questions on your own. Compile answers to your portfolio. 1. Describe a company's annual reporting period. 2. Why do companies prepare Interim nancial statements? 3. What two accounting principles most directly drive the adjusting process? 4. 15 cash basis accounting consistent with the matching principle? Why or why not? 5. If your company pays a $4,800 premium on April 1, 2011, for two years\" insurance coverage, how much insurance expense is reported in 2012 using cash basis accounting