An income statement prepared according to gaap

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Reference no: EM13873623

An income statement prepared according to GAAP:

A. reflects the net cash flows of a firm over a stated period of time.

B. reflects the financial position of a firm as of a particular date.

C. distinguishes variable costs from fixed costs.

D. records revenue when payment for a sale is received.

E. records expenses based on the matching principle.

Reference no: EM13873623

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