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Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
ISBN: 9781337690881

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BuyFindarrow_forward

Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
ISBN: 9781337690881
Textbook Problem
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How is a statement of cash flows different from an income statement?

To determine

Introduction:

Cash flow statements are the statements that determine the inflow and outflow of cash. The cash flow statement reflects the liquidity of the firm.

Income statement is a statement that helps in calculating the profit and losses of the firm. The profit and loss of a firm is calculated by subtracting expenses from the revenues of the firm.

To state:

The difference between cash flow statement and income statement.

Explanation

The difference between Cash flow statement and income statement is:

Basis Cash flow statement Income statement
Meaning Cash flow statements are those statements that helps in determining the inflow and outflow of cash. Income statements are those statement that helps in determining the profit or loses of the firm...

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