Which of the Following Is Not True

Multiple Choice

Which of the following is not true?

A) Comprehensive income equals the net amount of revenues, expenses, gains, and losses during an accounting period.
B) Authoritative guidance classifies revenues and expenses arising from a firm's core business as components of net income.
C) Net income includes gains and losses from sales or exchanges of assets or settlements of liabilities related incidentally or peripherally to the firm's core business.
D) Authoritative guidance classifies gains and losses from the remeasurement of certain assets and liabilities as either net income or other comprehensive income.
E) The FASB's and IASB's conceptual framework contains a conceptual model for classifying items in net income versus in other comprehensive income.