Which of the following statement about Horizontal Analysis is incorrect?

A$)$ Horizontal analysis is accomplished by computing the change of financial statements for two periods of time

B$)$ An examination of financial statements from several years can indicate either a financially healthy or unhealthy trend.

C$)$ A comparison between actual financial data and budgeted data can indicate either adequate or inadequate company performance.

D$)$ The previous period data or budgeted data should be listed in the second column when conducting horizontal analysis.

E$)$ None of the above