Which of the following statements about the components of net income is incorrect? There is a causal relationship between cost of goods sold and sales revenue Interest expense and interest income are operating items Operating income is more likely to be permanent than gains or losses on sale of investments Gross profit is the difference between sales revenue and cost of goods sold Which of the following describes how the conceptual framework in U.S. GAAP differs from that in IFRS? The conceptual framework in U.S. GAAP guides standard-setting; the conceptual framework in IFRS does not. The conceptual framework in U.S. GAAP provides a basis for practitioners to make accounting judgments when another U.S. GAAP standard does not apply; the conceptual framework in IFRS does not. The conceptual framework in IFRS includes an overarching concept of financial statements providing a "fair presentation of company, the conceptual framework in U.S. GAAP does not