It is true that the change in shareholders’ equity during a year is equal to the change in net assets in that year. This equation is important because:
a. net income is the change in shareholders’ equity that is due to distributions of capital
b. net income is the change in shareholders’ equity that is due to contributions of capital
c. GAAP defines net income implicitly, based on the change in shareholders’ equity
d. GAAP defines net income explicitly, based on the change in shareholders’ equity