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:

Antebellum Era

The period in American history before the Civil War, known for its escalating conflicts over slavery.

Benevolent Organizations

Groups or societies founded for the purpose of performing acts of kindness or charity, often providing support to those in need.

Slave Patrols

Organized groups that enforced discipline on slaves and captured escaped slaves in the Southern United States before the Civil War.

White Citizens

A demographic term historically used in the United States to categorize individuals of European descent or those identified as white in legal and social contexts.