Which of the following statements is CORRECT? . Select one: a. The focal point of the income statement is the cash account because that account cannot be manipulated by 'accounting tricks b. The reported income of two otherwise identical firms cannot be manipulated by different accounting procedures provided the firms follow generally accepted accounting principles (GAAP). c. 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) d. If a fimm follows generally accepted accounting principles (GAAP), then its reported net income will be identical to its reported cash flow e. The income statement for a given year is designed to give us an idea of how much the firm earned during that year Previous page Next page Which of the following statements is CORRECT? od .00 tion Select one: a. The New York Stock Exchange is an auction market, and it has a physical location. b. Home mortgage loans are traded in the money market. c. If an investor sells shares of stock through a broker, then it would be a primary market transaction d. Capital markets deal only with common stocks and other equity securities e. Corporations initially issue stock on the secondary market to allow buyers to save money on stock purchases