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Which of the following statements regarding the timeminusperiod concept is NOT correct? A. Interim financial reports are rarely prepared. B. Accountants prepare financial statements for

Which of the following statements regarding the

timeminusperiod

concept is NOT correct?

Interim financial reports are rarely prepared.

Accountants prepare financial statements for specific periods of time.

Most large companies use a calendar year for financial reporting.

The basic accounting period is one year.

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