For administrative purposes, that is, to make decisions regarding company operations, standard financial statements prepared by accountants in accordance with Generally Accepted Accounting Principles (GAAP) are often modified and used to create alternative data and metrics that provide a somewhat different picture of a company's operations. . Regarding these modifications, which of the following statements is CORRECT? 

a) Standard statements make adjustments to reflect the effects of inflation on asset values, and these adjustments are normally included in any adjustments that managers make to standard statements. 

b) Standard statements focus on accounting income for the entire corporation, not cash flows, and the two can be quite different during any given accounting period. However, for valuation purposes we need to discount cash flows, not accounting income. Additionally, because many companies have several separate divisions and division managers must be compensated for the performance of their divisions rather than the performance of the entire company, information that focuses on divisions is needed. These factors have led to the development of information that focuses on the cash flows and operations of individual units. 

c) Standard statements provide useful information about the company's individual operating units, but management needs more information about the company's overall operations than standard statements provide. 

d) Standard statements focus on cash flows, but managers are less concerned with cash flows than with accounting income as defined by GAAP. 

e) The best feature of standard statements is that, if prepared under GAAP, the data is always consistent from one company to another. Therefore, under GAAP, there is no room for accountants to "adjust" results to make earnings look better.