Which of the following is a true statement?
a. Asset-liability advocates are not prepared to tolerate a fluctuating income statement that may include unrealized holding gains and losses.
b. Asset-liability advocates and revenue-expense advocates are polarized in part because the financial statements are non-articulated.
c. Revenue-expense proponents are prepared to introduce deferred charges and deferred credits in order to smooth income measurement.
d. With articulation, it is possible to have a revenue-expense-based income statement and an asset-liability-based balance sheet.
ANSWER: C
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