Which of the Following Statements Is Incorrect

question 183

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 long-term tangible assets.

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Definitions:

Mathematical Difference

The result of subtracting one quantity from another.

Range

The difference between the largest and smallest values in a dataset, a measure of spread or variability.

Hypotheses

Theoretical statements set forth for experimentation that predict a possible relationship between two or more variables, which may include both null and alternative hypotheses.

Interquartile Range

A measure of statistical dispersion, equal to the difference between the upper and lower quartiles, representing the middle 50% of the data.