Which of the Following Statements Is Incorrect

question 51

Multiple Choice

Which of the following statements is incorrect?

• A)An income statement reports revenues earned less expenses incurred.
• B)An unadjusted trial balance shows the account balances after they have been revised to reflect the effects of end-of-period adjustments.
• C)Interim financial reports can be based on one-month or three-month accounting periods.
• D)The fiscal year is any 12 consecutive months (or 52 weeks)used by a business as its annual accounting period.
• E)Property,plant,and equipment are referred to as plant assets.

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Definitions:

Objectivity

Impartiality; the ability to allow the facts to speak for themselves.

Personal Beliefs

Individual convictions or acceptances of truth, which influence behaviors, attitudes, and values.

Worker Productivity

A measure of labor efficiency, calculating the output per worker over a specific period of time.

Being Studied

Refers to the subject or phenomena under observation or examination in a research setting.