that you don't need luck it you have the necessary skills. If you don't have the necessary skills then good Question 5 The income statement shows the difference between a firm's income and its costs-i.e., its profits during a specified period of time. However, not all reported income comes in the form or cash, and reported costs likewise may not correctly reflect cash outlays. Therefore, there may be a substantial difference between a firm's reported profits and its actual cash flow for the same period. True 2 pts False