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

Which term refers to the amount of products generated divided by the inputs necessary to create that output? a. performance b. industry ranking c. productivity d. organizational performance e. organizational effectiveness

What happens when a bank is required to hold more money in reserve?

Each of the four independent situations below describes a sales-type lease in which annual lease payments of $12,500 are payable at the beginning of each year. each is a finance lease for the lessee. (fv of $1, pv of $1, fva of $1, pva of $1, fvad of $1 and pvad of $1) (use appropriate factor(s) from the tables provided.) situation 1 2 3 4 lease term (years) 3 3 3 3 asset’s useful life (years) 3 4 4 6 lessor’s implicit rate (known by lessee) 14 % 14 % 14 % 14 % residual value: guaranteed by lessee 0 $ 5,000 $ 2,500 0 unguaranteed 0 0 $ 2,500 $ 5,000 purchase option: after (years) none 2 3 3 exercise price n/a $ 7,500 $ 1,500 $ 3,500 reasonably certain? n/a no no yes