Circle True or False 1. The phrase "income from continuing operations is used only when gains or losses on discontinued operations occur. True or False 2. The primary advantage of the multiple-step format lies in the simplicity of presentation and the absence of any implication that one type of revenue or expense item has priority over another. True or False Noncontrolling interest is the portion of equity (net assets) interest in a subsidiary not attributable to the parent company. True or False Oiscontinued operations, and unusual gains and losses are both reported net of tax in the income statement. True or False Prior Statement. True or False period adjustments can either be added or subtracted in the Retained Earnings ancial flexibility measures the ability of an enterprise to take effective actions to alter the amounts and timing of cash flows. True or False The statement of cash flows reports only the cash effects of operations during a period and financing transactions. True or False Financial flexibility is a company's ability to respond and adapt to financial adversity and unexpected needs and opportunities. True or False Companies determine cash provided by operating activities by converting net income on an accrual basis to a cash basis True or False Significant financing and investing activities that do not affect cash are not reported in the statement of cash flows or any other place. True or False