The Statement of Cash Flows

Respond to the following questions thoroughly, in 150-300 words for each question. Use your textbook as your first and major reference.

Some might argue that the statement of cash flows is an optional financial statement and does not provide critical information needed for a firm or investor to succeed. Do you agree with this statement? Why or why not? There are two methods for constructing the statement of cash flows: the direct method and the indirect method. What are the similarities and differences between the two methods? Which of the two is most preferred? Which is required by FASB?

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