Accountants focus on creating financial statements, whereas finance professionals mostly use these statements to evaluate a firm and answer questions about its performance. Indicate which financial statement would be the most helpful in answering the questions in the following table:

$\backslash$table$[[$How much cash is a firm generating through operating, investing, and financing activities?$],[$How much debt and equity has the firm issued to finance its assets?$]]$

True or False: As long as the information reported follows the generally accepted accounting principles $($GAAP$)$ guidelines, accountants in a firm have the liberty to use personal judgment to report transactions in the firm's financial statements.

False

True