30. When interim financial statements are prepared, they should be prepared A. Employing the same accounting principles used for annual reports. B. Without determining estimated income tax expense. C. Quarterly only, not on a monthly basis. D. Containing only operating income data. 31. Interim financial statements are usually presented on a A. Monthly basis C. Semiannually basis B. Quarterly basis D. Nine-month basis 32. A gain is both unusual and infrequent, and occurs in the second fiscal quarter. How should the gain be accounted for? A. Recognized in full in the second quarter. B. Recognized equally over the second third, and fourth quarters. C. Recognized only in the annual financial statements. D. Recognized equally in each quarter, by restating the first quarter. 33. Interim financial reporting should be viewed primarily in which of the following ways? A. As useful only if activity is spread evenly throughout the year. B. As if the interim period were an annual accounting period. C. As reporting for an integral part of an annual period. D. As reporting under a comprehensive basis of accounting other than GAAP. 34. Which of the following is a unique reporting problem associated with the determination of the results of operations for an interim period? A. Advertising and similar costs expensed in one interim period may benefit other interim periods in the same annual period. B. Cost of goods sold for an interim period reflects only the amount of product cost applicable to sales revenue recognized in the interim period. C. Depreciation for an interim period represents an estimate. D. An extraordinary loss occurring in the second quarter must be prorate d over the last three interim