Question: For each item listed below, identify whether it is an advantage or disadvantage of the income statement? 1.Can be manipulated and managed. 2. Assesses risks

For each item listed below, identify whether it is an advantage or disadvantage of the income statement?

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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