Utility refers to the ability of a product to satisfy a customer

A multiple step income statement ________

A) lists all the expenses together and calculates a total B) has a subtotal for gross profit C) has a subtotal for total assets D) has a subtotal for total retained earnings

Both U.S. GAAP and IFRS permit considerable flexibility with respect to the display of information in the statement of cash flows. If the firm uses the direct method of reporting cash flows from _____ activities rather than the indirect method, it must also provide a separate reconciliation of net income to cash flows from _____

a. operating; operating b. financing; financing c. investing; investing d. operating, investing; and financing; operating, investing; and financing; e. none of the above