The most commonly used method for calculating and reporting a company's net cash flow from operating activities on its statement of cash flows is the Direct method Indirect method Single-step method Multiple-step method Which of the following is NOT true of rules-based standards? Rules-based standards rules-based standards rely on theories and concepts that are linked to well-developed theoretical framework Rules-based standards result in inconsistencies between standards Rules-based standards standards contains details application guideline U. S GAAP contains more rules-based standards than IFRS Which of the following statements correctly identifies accounting standard setters? The AICPA promulgates accounting standards in u.s and the IASB issues international accounting standards The FASB promulgates accounting standards in the U. S and the IFRS issues international accounting standards The FASB promulgates accounting standards in the U. S and the IASB issues