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:

Budget Deficit

The financial situation where a government's expenditures exceed its revenues within a specific period.

National Debt

National debt is the total amount of money that a country's government has borrowed, typically as a result of budget deficits, through the issuance of securities like government bonds.

Annually Balanced Budget

A budgeting approach where the government's projected revenues and expenditures are equal within a one-year period.

Countercyclical

Economic policies or measures intended to mitigate the effects of recessions by stimulating economic activity during downturns.