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:

Health Care Services

Services provided to individuals or communities to promote, maintain, monitor, or restore health.

Alternative Goods

Products or services that can be used in place of each other; satisfying the same need or want, essentially serving as substitutes.

Elasticity Of Demand

An assessment showing the influence of price adjustments on the quantity demanded of a product.

Price Increase

A rise in the cost of goods or services, often measured as a percentage of the previous price.