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:

Chip-And-Pin Technology

A secure method for making credit and debit card transactions, using a microchip on the card and the cardholder entering a PIN.

LMS

Short for Learning Management System, it's a software application for the administration, documentation, tracking, reporting, and delivery of educational courses or training programs.

BYOD

"Bring Your Own Device," a policy that allows employees to use their personal devices for work purposes.

Sensitivity Report

In optimization and linear programming, a report that describes how the solution changes in response to variations in the parameters of the model.