which of the following statements is false?

a) the book value of an asset on the statement of financial position can be very different from its market value.

b) while marginal and average tax rates often differ, it is the average tax rate that is relevant for most financial decisions.

c) non-cash items are expenses charged against revenues that do not directly affect cash flow.

d) net income as calculated from the statement of comprehensive income is not the net cash flow of the firm

e) the cash flow identity states that all net cash flows earned by the firm are distributed in whole to its creditors and shareholders