Which of the following is NOT a reason that net income and operating cash flow differ? In other words, which is not an adjustment made to net income to arrive at operating cash flows in the operating section of the statement of cash flows (using the indirect method)?

Group of answer choices

a. Net income includes some items that are not cash flows (e.g., depreciation expense and employee stock option expense)

b. Net income includes some items that are related to investing or financing activities

c. Net income is calculated at one point in time, whereas cash flows occur over a period of time (e.g., cash flows over the entire fiscal year)

d. Net income is recognized when revenues are earned or expenses consumed, rather than when cash payments are made