Which of the Following Statements Is Incorrect

question 164

Multiple Choice

Which of the following statements is incorrect?

• A) Property, plant, and equipment are referred to as plant assets.
• B) Interim financial reports can be based on one-month or three-month accounting periods.
• C) The fiscal year is any 12 consecutive months (or 52 weeks) used by a business as its annual accounting period.
• D) An income statement reports revenues earned less expenses incurred.
• E) An unadjusted trial balance shows the account balances after they have been revised to reflect the effects of end-of-period adjustments.

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Definitions:

Natural Rights

Fundamental rights believed to be inherent to humans, independent of any government or social system, often including life, liberty, and the pursuit of happiness.

Lincoln-Douglas Debates

A series of seven debates in 1858 between Abraham Lincoln and Stephen A. Douglas focusing on the issue of slavery in American territories.

U.S. Senator

A member of the United States Senate, one of the two chambers of the United States Congress, elected to represent their state for a term of six years.

Illinois

A state located in the Midwestern region of the United States, known for its diverse economic base and as being home to the city of Chicago.