The indirect method of reporting
a. is preferred by the Financial Accounting Standards Board (FASB), Statement of Financial Accounting Standards No. 95, "Statement of Cash Flows."
b. shows a reconciliation between net income and cash flow from operations either at the bottom of the statement of cash flows or in a separate note.
c. reports the amounts of cash received from customers less cash disbursed to various suppliers, employees, lenders for interest payments, and taxing authorities.
d. reports the net income for a period and then adjusts the net income to convert revenues to cash received from customers and to convert expenses to cash disbursed to various suppliers of goods and services.
e. includes all of the above.
D
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According to SEC independence regulations,
a. All audit partners must rotate every 5 years b. Preapproval of accountants' services may be in accord with detailed policies and procedures rather than explicit c. The issuer must disclose only those fees paid to the accountant for audit work d. No partner may sell nonaudit services to the client during the audit
The product life cycle describes the commercial life of services as well as goods
Indicate whether the statement is true or false.