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
A
Business
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Harry, the owner of a convenience store, is the insured under a business overhead policy. Were Harry to become disabled, the policy would cover all of the following EXCEPT
A) the rent B) the store manager's salary C) utility bills D) Harry's salary
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A sole proprietorship:
A. Provides limited financial liability for its owner B. Involves significant legal costs during the formation process C. Has an unlimited life D. Has its profits taxed as personal income E. Can generally raise significant capital from non-owner sources
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