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42. The statement of cash flows consists of three sections: cash flows from operating activities, cash flows
from income activities, and cash flows from equity activities.
43. The financial statements of a proprietorship should include the owner's personal assets and liabilities.
45. An example of a general-purpose financial statement would be a report about projected price increases
related to transportation costs.
46. No significant differences exist between the accounting standards issued by the FASB and the IASB.
47. The Sarbanes-Oxley Act prohibits CPAs from providing nonaudit investment banking services.
48. The main objective for all business is to maximize unrealized profits.
49. The basic difference between manufacturing and merchandising companies is the completion level of the
products they purchase for resale to customers.
50. Net income and net profit do not mean the same thing.