Cash flow concepts are ____ but generally accepted accounting principles are ____ in the determination of a firm's net income.
A) unambiguous, ambiguous
B) ambiguous, unambiguous
C) ambiguous, also ambiguous
D) unambiguous, straightforward

Question

Quizplus · Accepted Answer

Cash flow concepts are unambiguous, meaning they have clear and specific definitions. Generally accepted accounting principles (GAAP) are ambiguous, meaning they can be interpreted in different ways.

Cash Flow Concepts Are ____ but Generally Accepted Accounting Principles