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.

---

Definitions:

Sensation Seeking

A trait characterized by the search for experiences and feelings that are varied, novel, complex, and intense, and the willingness to take physical, social, legal, and financial risks for the sake of such experiences.

Good Sensation

A positive, often physical, feeling or experience that is pleasing to the senses.

Bad Sensation

A term typically describing an unfavorable physical or emotional feeling experienced by an individual.

Positive Psychology

A branch of psychology that focuses on the study of positive human functioning and flourishing on multiple levels, including the biological, personal, relational, institutional, cultural, and global dimensions of life.