4Which of the following statements is false?

i. The primary purpose of a statement of cash flows is to report the cash effects of operations during a period.

ii. The balance sheet reports a companys financial position over a period of time.

iii. The balance sheet may have an issue with relevance as fair values may not be reported when recording most assets and liabilities.

a) i, ii, and iii

b) i and ii

c) ii only

d) iii only