Which of the following statement is not correct? Select one: A. Financial reports of publicly listed firms are prepared using accrual accounting rather than cash accounting. B. The extent to which financial statements accurately reflect the consequences of managers operating, investment and financing decisions is a function of characteristics of the accounting environment and managers accounting strategy C. Prospective analysis involves forecasting a firms future. D. Accounting conventions and regulations that leave management no accounting discretion lead to more useful financial statements than accounting conventions and regulations that do grant accounting discretion.