Which is a correct statement?
A)The direct method of presentation for the cash flow statement must be used under ASPE.
B)The direct method of presentation for the cash flow statement must be used under IFRS.
C)The statement of cash flows explains the change between opening and closing cash.
D)The "cash" balance on the cash flow statement does not have to be equal to the "cash" balance amount on the balance sheet.

Question

Quizplus · Accepted Answer

C) The statement of cash flows is designed to explain the changes in cash and cash equivalents between the opening and closing balances by detailing the cash flows from operating, investing, and financing activities.

Which Is a Correct Statement