Which of the following is not a correct statement about financial statements?
A Revenue refers to increases in a firm’s assets resulting from the sale of stocks, or other activities intended to earn income.
B Expenses are resources used up as the result of business operations.
C Accrual-basis accounting recognizes revenue when it is earned and matches expenses to the revenues they helped produce.
D Main sources of a firm’s income are sales revenue and investment income.
E Main sources of expenses are cost of goods sold (CGS) and operating expenses.