Which of the following statements is not true?
A. An unadjusted trial balance shows the account balances after they have been revised to reflect the effects of end-of-period adjustments.
B. The fiscal year is any 12 consecutive months (or 52 weeks) used by a business as its annual accounting period.
C. Property, plant, and equipment are referred to as plant assets.
D. An income statement reports revenues earned less expenses incurred.
E. Interim financial reports can be based on one-month or three-month accounting periods.
Answer: A
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A. World Bank B. IMF C. WTO D. EU E. GATT
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