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:

Panic Attack

A sudden episode of intense fear or anxiety that triggers severe physical reactions when there is no real danger or apparent cause.

Specific Phobia

An intense, irrational fear of, or aversion to, specific objects or situations that poses little to no actual danger.

Anxiety Disorder

A group of mental health disorders characterized by significant feelings of anxiety and fear, affecting daily living.

Phobia

an extreme or irrational fear of or aversion to something, significantly impacting an individual's ability to function normally in certain situations.