Question: For each item listed below, identify whether it is an advantage or disadvantage of the income statement. Item Advantage/ Disadvantage 1. Can be manipulated and

For each item listed below, identify whether it is an advantage or disadvantage of the income statement.
Item Advantage/ Disadvantage
1. Can be manipulated and managed. _____________________
2. Assesses risks or uncertainties of achieving future cash flows._____________________
3. Depends on accounting methods selected._____________________
4. Requires extensive judgment. _____________________
5. Predicts future performance. _____________________
6. Evaluates past performance. _____________________
7. Excludes certain items. _____________________

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