Which of the following statements is NOT true? a. The reasons for changes in cash during...
Which of the following statements is NOT true?
a. The reasons for changes in cash during the period can be found on the statement of cash flows.
b. The income statement is prepared on a cash basis
c. The ending cash balance for the period can be found on the balance sheet
d. Current period cash flows are classified within the financial statements as either financing, investing, or operating cash flows
Homework Answers
Solution:
"The income statement is prepared on a cash basis" this statement is not true.
Because The income statement is prepared on a Accrual basis.
Hence option "b" is correct.
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