True or False

A prior period adjustment to retained earnings is made when a discovery of a material error was made to prior years' income.

True or False

Interest paid belongs in the operating activities section of the statement of cash flows.

True or False

Whether one uses the direct or the indirect method of presentation of the statement of cash flows, the totals from each of the three sections (activities) will be the same regardless of the method used.

True or False

Depreciation is a non-cash expense.