In order to determine the cash flows from day-to-day operations, the business must convert the company's statement of profit and loss and other comprehensive income from a cash basis to an accrual basis.

Question

Quizplus · Accepted Answer

Converting the company's statement of profit and loss and other comprehensive income from accrual basis to cash basis is required to determine the cash flows from day-to-day operations.

In Order to Determine the Cash Flows from Day-To-Day Operations