Reference no: EM132477307

Question 1: Which of the following statements is not true?

Option 1: An income statement reports revenues earned less expenses incurred.

Option 2: The fiscal year is any 12 consecutive months (or 52 weeks) used by a business as its annual accounting period.

Option 3: Property, plant, and equipment are referred to as plant assets.

Option 4: Interim financial reports can be based on one-month or three-month accounting periods.

Option 5: An unadjusted trial balance shows the account balances after they have been revised to reflect the effects of end-of-period adjustments.