Concept:
In typography, the point size represents the vertical size of a typeface, measured from the bottom of the descender to the top of the ascender. Fonts are specified in points (pt), which is the basic unit used in typography.
Step 1: Examine each statement.
\[
\begin{aligned}
A. &\ \text{Correct. Point size is measured from the bottom of the descender to the top of the ascender.}
B. &\ \text{Incorrect. It describes the same measurement in reverse wording and is not the standard definition used.}
C. &\ \text{Correct. Font sizes are generally specified in points (pt).}
D. &\ \text{Incorrect. Point is not the largest unit of measurement.}
E. &\ \text{Correct. Point (pt) is the basic/smallest commonly used unit in typography for type size.}
\end{aligned}
\]
Step 2: Identify the correct statements.
The correct statements are
\[
\boxed{A,\ C,\ \text{and}\ E}
\]
Hence,
\[
\boxed{\text{(B)}}
\]