Which of the following is $\underline{not}$ a true statement?
A)The cash flow statement superceded the previously required statement of changes in financial position.
B)The cash flow statement is the statement of financial position with funds defined as cash.
C)The statement of financial position is a special case of the more general cash flow statement.
D)Inclusion of a cash flow statement is mandatory.

Question

Quizplus · Accepted Answer

The statement of financial position (balance sheet) and the cash flow statement are distinct financial statements with different purposes. The statement of financial position shows a company's assets, liabilities, and equity at a specific point in time, while the cash flow statement shows the cash inflows and outflows over a period of time. They are not variations of the same statement; each serves a unique role in financial reporting.

Which of the Following Is not‾\underline{not}not​ A True Statement? A)The Cash Flow Statement Superceded the Previously

Which of the Following Is $\underline{not}$ A True Statement?
A)The Cash Flow Statement Superceded the Previously