The essential difference between the statement of cash flows and
the income statement is that:
Select one:
A. The income statement is based on the accruals concept,
whereas the statement of cash flows reports cash received and
paid.
B. The income statement is prepared for external users, whereas
the statement of cash flows is prepared for internal users
only.
C. The statement of cash flows only deals with the investors’
needs, whereas the income statement also deals with the needs...