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.
B) An unadjusted trial balance shows the account balances after they have been revised to reflect the effects of end-of-period adjustments.
You might also like to view...
In target-return pricing, the firm adds a standard markup to the product's cost
Indicate whether the statement is true or false
If the potential risk is significant enough, you might need to take a different approach altogether, which is called risk ____.
A. openness B. avoidance C. averaging D. management
Foot Friendly is a manufacturer of athletic shoes. It has released an improved version of its premier running shoe in markets in which the company already operates. Which of the following types of innovations does this scenario best illustrate?
A. architectural innovation B. incremental innovation C. radical innovation D. disruptive innovation
Which of the following is not considered a stakeholder?
a. Competitors b. Suppliers c. Customers d. Shareholders e. All of the above are considered stakeholders