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.