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  3. which of the following is true? the statement of c

Which of the following is true? The statement of cash flows should be prepared first...

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Accounting

Which of the following is true?
The statement of cash flows should be prepared first because it determines the sources of cash. That information is then used in preparing the income statement.
Financial statements can be prepared in any order.
The balance sheet should be prepared first to ensure that the accounts are in balance and that debits equal credits.
Net income from the income statement flows into the retained earnings statement. The ending retained earnings balance then flows into the balancesingeet.
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