Please select the right answer (A,B,C or D). A: balance sheet B: IFRS C: income statement D: assets It is a principle-based financial reporting system. The revenue is a part of that. The long-term debt is a part of that. Its value equals with liabilities and owner's equity Similar to GAAP. Please decide whether the following statements are true or false. 6. Accrual method reports income and expenses based on only cash transactions. 7. If revenues exceed expenses, then the result is net income. 8. Financial statements consist of two parts: balance sheet and income statement. 9. Income statement is prepared as of a specific date. 10. The balance sheet shows a firm's assets, liabilities, and owner's equity at one point in time. Please give a detailed answer to the following question. 11. What is the Statement of Cash Flow and what questions does it answer to