Which of the Following Statements Is Incorrect

Multiple Choice

Which of the following statements is incorrect?

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