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:

Social Need

A requirement for belonging and acceptance within a group or society, influencing human behavior and motivation.

Survival

The act of continuing to live or exist, especially under challenging conditions.

Security

The protection of data, systems, and networks from theft, damage, and unauthorized access.

Belonging

The feeling of being accepted and included as an important member of a group, community, or society; a fundamental human need.