During the year, Income Tax Expense was $22,000 and Income Tax Payable increased by $3,000; therefore, the cash paid for income tax was $19,000.

Select one:

True

False

Cash provided by operating activities is generally the same as the net income reported on the income statement.

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True

Operating activities include the cash effects of transactions that create revenues and expenses.

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True

False

For external reporting, a company must prepare either an income statement or a statement of cash flows, but not both.

Select one:

True

False

False