Answer the Following Questions Relating to the Statement of Cash

question 56

Essay

Answer the following questions relating to the statement of cash flows.
a.List the three sections used to classify activities in the statement of cash flows.
b.Give one example of a use of cash for each of the three activities.
c.Give one example of a source of cash for each of the three activities.

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Definitions:

Tax Benefit

Financial savings in tax that are realized through various deductions, credits, or exclusions from gross income.

Revoked

Officially canceled, withdrawn, or annulled, often referring to licenses, permissions, or legal rights.

Unilateral Contract

A contract in which one party makes a promise in exchange for the other party's performance, becoming binding only upon the latter's action.

Gratuitous Promise

A one-sided agreement that the courts will not enforce.