Which one of the following statements concerning accounting reports is correct?
A) The income statement reflects the position of a firm as of a single point in time.
B) The income statement reflects the amount of cash available for investment and financing activities.
C) The statement of cash flows identifies both the sources and the uses of cash.
D) The total equity of a firm is equal to the total assets plus the total liabilities.
Correct Answer:
Verified
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