Which of the Following Statements Is Incorrect

Multiple Choice

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 long-term tangible assets.