TRUE/FALSE 1. The interim statement of profit or loss measures the company's profit or loss from the beginning of the year until the end of the current month. ANS: 2. A net profit means total expenses were greater than total revenues for the interim period. ANS: 3. The usual source of information for the interim statement of profit or loss is the month-end trial balance. ANS: 4. Good decision-making is the prime reason for preparing interim statements frequently. ANS: 5. The two sections of the interim statement are revenues and equity. ANS: 6. Accounts balances should never be adjusted prior to making an interim statement. ANS: 7. Management would always want to see that expenses are greater than revenues for the interim period. ANS: