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Question 1: An important distinction between the direct method and the indirect method of preparing a statement of cash flows is that:
a The format of the section computing net cash flow from operating activities is different under the two methods.
b The direct method reconciles accrual-based net income with net cash flow from operations; the indirect method shows the specific cash inflows and outflows constituting the operating activities.
c The direct method results in a lower (more conservative) figure for net cash flow from operating activities than does the indirect method.
d Only those statements of cash flows prepared using the direct method are in accordance with generally accepted accounting principles as set forth by the FASB.
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