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:

Personal Protective Equipment

Equipment worn to minimize exposure to hazards that can cause injuries and illnesses in the workplace, including gloves, masks, and goggles.

Medical Assistant

An allied health professional who supports the work of physicians and healthcare practitioners by undertaking various clinical and administrative tasks.

Supernatant

The liquid portion of a substance from which solids have settled to the bottom, as with a urine specimen after centrifugation.

Urine

A liquid by-product of metabolism in humans and many animals, expelled from the body.