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Preparation of interim financial statements: 1.Makes the preparation of year-end financial statements unnecessary.2.Requires the journalizing and posting of adjusting entries.3.Requires the journalizing and posting of

Preparation of interim financial statements:
1.Makes the preparation of year-end financial statements unnecessary.2.Requires the journalizing and posting of adjusting entries.3.Requires the journalizing and posting of closing entries.4.Is done monthly or quarterly or in-between the year-end financial statements.

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