2. Which of the following statements is CORRECT ?

2. Which of the following statements is CORRECT ?a. The income statement for a given year, say 2005, is designed to give us an idea of how much the firm earned during that year.b. The focal point of the income statement is the cash account, because it cannot be manipulated by “accounting tricks.”c. The reported income of the two otherwise identical firms cannot be manipulated by different accounting procedures provided the firms follow Generally Accepted Accounting Principles (GAPP). d.The reported income of two otherwise identical firms must be identical if the firms are publicly owned, provided they follow standardized procedures as specified by the Securities and Exchange Commission (SEC.) e. If the firm follows generally accepted accounting principles (GAPP), then its reported net income will be identical to its reported net cash flow.
Question:Which of the following statements is CORRECT ?a. The income statement for a given year, say 2005, is designed to give us an ideaof how much the firm earned during that year.b. The…







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