Which Statement Is True Concerning Gains and Losses

Multiple Choice

Which statement is true concerning gains and losses?

A) Gains and losses are reported on the balance sheet in the Assets and Liabilities sections, respectively.
B) Gains and losses are special types of revenues and expenses that are reported on the income statement.
C) The amounts of gains and losses are included in the calculation of the current ratio, in the numerator and denominator, respectively.
D) Gains and losses are reported only on a multi-step income statement.