Which of the following statements is false?

Select one:

a$.$ The Securities and Exchange Commission $($SEC$)$ is the governmental agency that regulates the stock market and enforces reporting standards for publicly traded corporations.

b$.$ Earning revenue is an operating activity of a business.

c$.$ An increase or decrease in income will ultimately affect the balance sheet.

d$.$ Stockholders' Equity is financing provided by the owners and by the operations of the business.

e$.$ Equipment, accounts payable, cash, and inventory would all be found in the asset section of a balance sheet.