Which of the Following Statements Is Incorrect

Multiple Choice

Which of the following statements is incorrect?

A) An adjusted trial balance shows the account balances after they have been revised to reflect the effects of end-of-period adjustments.
B) Interim financial reports can be based on one-month or three-month accounting periods.
C) The fiscal year is any 12 consecutive months used by a business as its annual accounting period.
D) Property, plant, and equipment are long term assets.
E) The cash basis of accounting is consistent with GAAP.