Which of the Following Statements Is Incorrect

question 150

Multiple Choice

Which of the following statements is incorrect?

• A)The fiscal year is any 12 consecutive months used by a business as its annual accounting period.
• B)Property, plant, and equipment are long term assets.
• C)Interim financial reports can be based on one-month or three-month accounting periods.
• D)An adjusted trial balance shows the account balances after they have been revised to reflect the effects of end-of-period adjustments.
• E)The cash basis of accounting is consistent with GAAP.

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