All of the Following Statements Are True Regarding the Income

Multiple Choice

All of the following statements are true regarding the Income Statement except?

A) The Income Statement may also be called the earnings statement.
B) The measurement of income is not absolutely accurate or precise due to assumptions and estimates.
C) The Income Statement only includes those events that have been evidenced by actual business transactions.
D) The net income (or net loss) generated on the Income Statement appears at the top of the company's year-end balance sheet.