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The cash flow statement and income statement are exactly the same thing, just as accrual-based accounting and cash-based accounting are the same, the scientist commented.

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"The cash flow statement and income statement are exactly the same thing, just as accrual-based accounting and cash-based accounting are the same," the scientist commented. "Better to save your money and just worry about the balance sheet." Required: Is the scientist correct? If not, then describe and explain key differences

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