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  3. the statement of cash flows is not prepared the sa

The statement of cash flows is not prepared the same as the income statement or...

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Accounting

The statement of cash flows is not prepared the same as the income statement or balance sheet. The statement of cash flows requires that the net income must be converted from an accrual basis to a cash basis. This statement can be prepared in either of two ways - the Indirect method or the Direct method.

What is the difference between preparing one compared to the other - and which do you feel is a better way to prepare this statement?

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\table[[\table[[Rusco Company],[Income Statement],[For This Year Ended July 31]],],[fuly 31,$1,100,000