Which of the following statements is false?

Multiple Choice

An income statement reports revenues earned less expenses incurred.

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.

Interim financial reports can be based on a time period shorter than one year, such as a one$-$month or a three$-$month accounting periods.

An unadjusted trial balance is a list of accounts and balances after adjusting entries have been recorded and posted to the ledger.