Which Statement Is Correct

question 48

Multiple Choice

Which statement is correct?

• A)The statement of comprehensive income and statement of financial position are accrual based and the statement of cash flows is cash based.
• B)The statement of comprehensive income, statement of financial position and statement of cash flows are all accrual based.
• C)The statement of financial position is accrual based and the income and statement of cash flows are cash based.
• D)None of the statements is correct.

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Definitions:

Inner Circle

A close group of advisors or a team that holds a privileged position of influence in an organization or group.

Getting Ahead

The process of making progress or advancing in one’s career, social status, or life in general.

Self-Esteem

The regard in which an individual holds himself or herself.

Ethical Behavior

The conduct that is consistent with what society, groups, or individuals deem to be correct moral principles.