C9-3 (book/static) Both the income statement and the statement of cash flows rep

Question

C9-3 (book/static) Both the income statement and the statement of cash flows report flows during the period Complete the sentences below (Use each input cell to enter the letters needed to complete each word ) The difference is that the income statement reports flows on the accrual basis, that is, inflows are measured as s and outflows are measured as els By contrast the statement of cash fows reports intlows and outlovs of Enter your answer in the edit fields and then click Check Answer Clear All

Explanation / Answer

The difference is that the income statement reports flows on accrual basis: that is inflows are measured as revenues and outflows are measured as expenses. By contrast, the statement of cash flows reports inflows and outflows of cash.

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