Two of the key accounting reports available to users of accounting information are the income statement and
Question:
REQUIRED:
a) Explain the fundamental difference between an income statement and a statement of cash flow.
b) Why do decision-makers need both reports? Explain.
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a The income statement is used to assess the performance of the entity in terms of profitability To ...View the full answer
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Related Book For 
Accounting Business Reporting For Decision Making
ISBN: 9780730302414
4th Edition
Authors: Jacqueline Birt, Keryn Chalmers, Albie Brooks, Suzanne Byrne, Judy Oliver
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