Quiz – T/F: The income statement shows the difference between a firm’s income and its costs

Fundamentals of Financial Management, Concise, 9e & 10e by Brigham and Houston

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The income statement shows the difference between the company's income and costs. However, not all reported income comes in the form of cash, and reported costs might not be consistent with cash outlays. Thus, there may be substantial differences between profits and actual cash flow for the firm in the same period.

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