Which of the following statements is incorrect about other comprehensive income?

It is more inclusive than the traditional notion of net income.

Unrealized holding gains on available-for-sale securities are included in other comprehensive income.

It includes all changes in equity during a period except net income.

It becomes part of the new comprehensive income statement.

In order to be relevant, financial information must have all of the following ingredients of fundamental qualities except

be free from error.

have predictive value.

be material.

have confirmatory value.