Interim financial statements: 6. A) Are required by the Congress. B) Are necessary to achieve full disclosure about a business's operations. C) Are statements prepared for periods of less than one year. D) Require the use of the perpetual method for inventories E) Cannot be prepared if the company follows the conservatism principle. When costs to purchase inventory regularly decline, which method of inventory costing will yield the lowest cost of goods sold? A) FIFO B) LIFO. C)Weighted average. D) Specific identification. E) Gross margin. 7. The principles of internal control include: A) Separate recordkeeping from custody of assets. B) Maintain minimal records. 8. C) Use only computerized systems. D) Bond all employees. E) Require automated sales systems