Write an accounting essay about 300-400 words as the file required. thank you.

Interim Reporting in general The unaudited quarterly statements of income issued by many corporations to their stockholders are usually prepared on the same basis as annual statements. The statements for each quarter typically reflect the transactions of that quarter, effectively a \"discrete perspective\" despite the integral concept promulgated by authorities. Specific Case of Interim Reporting Newsom Corporation is preparing the interim financial data which it will issue to its stockholders and the Securities and Exchange Commission (SEC) in its 10-Q quarterly report at the end of the first quarter of the 2014 fiscal year. Newsom's accounting department has compiled the following summarized revenue and expense data for the first quarter of the year Sales Revenue $60,000,000 Cost of Goods Sold 36,000,000 Variable Selling Expenses 1,000,000 Fixed Selling Expenses 3,000,000 Included in the fixed selling expenses was the single lump-sum payment of $2,000,000 for television advertisements for the entire year. Newsom Corporation must issue its quarterly financial statements in accordance with generally accepted accounting principles regarding interim financial reporting. Required: Prepare an essay (2 pages, more or less) addressing the questions for Interim Reporting and Disclosures. Please support your discussions with example cases as well as the conceptual bases. Cite ASC Authority that applies. a. Why do problems arise in using such quarterly statements to predict income (before extraordinary items) for the year? Explain your position. b. Discuss the ways quarterly income can be affected by the behavior of costs in an account with high seasonality, like major factory maintenance, or significant variability, like the advertising expense in the Newsom Corporation information? c. Do such quarterly statements give management opportunities to \"manage earnings,\" a euphemism for manipulation, for the impacted quarter? Explain you view. d. What reporting differences should occur under the discrete versus integral basis? How should disclosures as reporting requirement(s) remedy such differences between reporting methods? e. Explain whether Newsom should report its operating results for the quarter as if the quarter were a separate reporting period in and of itself, or as if the quarter were an integral part of the annual reporting period. Consider the U.S. GAAP promulgated requirement. f. Show how the Newsom sales revenue, cost of goods sold, and fixed selling expenses would be reflected in Newsom Corporation's quarterly report prepared for the first quarter of the 2014 fiscal year. Briefly justify your presentation. The actual schedule, an income statement in good form, can be embedded or appended separately, with the explanation incorporated with your essay. (Ensure it prints properly.) g. What financial information, as a minimum, must Newsom Corporation disclose to its stockholders in its quarterly reports