Accounting Income Is a Concept in Which

Multiple Choice

Accounting income is a concept in which:

A) Income is measured as the amount of "real wealth" that an entity could consume during a period and be as well off at the end of that period as it was at the beginning.
B) Market values adjusted for the effects of inflation or deflation are used to calculate real wealth.
C) The transactions approach is used to record revenues, expenses, gains and losses throughout the reporting period.
D) Income equals the change in market value of the firm's outstanding common stock for the period.