Since It Is Recommended by the FASB, the Direct Method

question 178

True/False

Since it is recommended by the FASB, the direct method of preparing the statement of cash flows is most frequently used.

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Definitions:

Medical Supplies

Items used in health care services, including consumables and durable medical equipment.

Journal Entry

A record in accounting that notes every financial transaction of a company, indicating debits and credits to different accounts.

Revokes

The act of cancelling or withdrawing something, such as a law, right, or agreement.

Journal Entries

The record of all financial transactions a business makes, recorded in chronological order in the general ledger.