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Question(s) / Instruction(s):

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.

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