Which of the Following Is Not True

question 102

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.

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Definitions:

Simple Squamous Epithelium

A single layer of flat cells that forms the lining of blood vessels, air sacs of lungs, and other surfaces where passive diffusion of gases occurs.

Pseudostratified Epithelium

A type of epithelial tissue that appears layered due to the varying lengths of cells but is actually a single layer where every cell is in contact with the basement membrane.

Hyaline Cartilage

A type of strong, flexible connective tissue found in areas such as the joints, rib cage, and respiratory tract.

Elastic Cartilage

A type of cartilage that contains elastic fibers, providing strength and elasticity, found in structures like the ear and epiglottis.