Which of the following statements is CORRECT?

a. If a firm follows generally accepted accounting principles (GAAP), then its reported net income will be identical to its reported cash flow.

b. The focal point of the income statement is the cash account, because that account cannot be manipulated by "accounting tricks."

c. The income statement for a given year is designed to give us an idea of how much the firm earned during that year.

d. The reported income of two otherwise identical firms must be identical if the firms are publicly owned, provided they follow procedures that are permitted by the Securities and Exchange Commission (SEC).

e. The reported income of two otherwise identical firms cannot be manipulated by different accounting procedures provided the firms follow generally accepted accounting principles (GAAP).