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First City prepares its cash flow statement using the direct approach. First City: Group of answer choices is violating GAAP. is required to be profitable

First City prepares its cash flow statement using the direct approach. First City:

Group of answer choices

is violating GAAP.

is required to be profitable to use this approach.

can elect to not present information on changes in equity or retained earnings.

is not following the FASB preferred approach.

None of these.

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