All of the following statements are true except one. Which statement is false?

a. A fi nancial year is not always the same as a calendar year.

b. The matching concept directs accountants to identify and measure all expenses incurred and deduct them from revenues earned during the same period.

c. Adjusting entries are required for a business that uses the cash basis.

d. Accrual-basis accounting produces better information than cash-basis accounting.