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:

Marketing Products

The process of promoting and selling goods or services, including market research and advertising.

Direct Export

The sale of goods and services from the manufacturer or producer directly to a buyer in another country.

International Legal Environment

The complex framework of laws, regulations, and treaties that govern international business transactions and relations.

Precautions

Measures taken in advance to prevent potential dangers or problems.