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Cash flow statement |
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Gale Encyclopedia of Small Business:
Cash Flow Statement |
A cash flow statement is a financial report that describes the source of a company's cash and how it was spent over a specified time period. Because of the varied accrual accounting methods companies may employ, it is possible for a company to show profits while not having enough cash to sustain operations. A cash flow statement neutralizes the impact of the accrual entries on the other financial statements. It also categorizes the sources and uses of cash to provide the reader with an understanding of the amount of cash a company generates and uses in its operations, as opposed to the amount of cash provided by sources outside the company, such as borrowed funds or funds from stockholders. The cash flow statement also tells the reader how much money was spent for items that do not appear on the income statement, such as loan repayments, long-term asset purchases, and payment of cash dividends.
Cash flow statements classify cash receipts and payments according to whether they stem from operating, investing, or financing activities. It also provides that the statement of cash flows may be prepared under either the direct or indirect method, and provides illustrative examples for the preparation of statements of cash flows under both the direct and the indirect methods.
CLASSIFICATIONS OF CASH RECEIPTS AND PAYMENTS. At the beginning of a company's life cycle, a person or group of people come up with a idea for a new company. The initial money comes from the owners, or could be borrowed. This is how the new company is "financed." The money owners put into the company, or money the company borrows, is classified as a financing activity. Generally, any item that would be classified on the balance sheet as either a long-term liability or an equity would be a candidate for classification as a financing activity.
The owners or managers of the business use the initial funds to buy equipment or other assets they need to run the business. In other words, they invest it. The purchase of property, plant, equipment, and other productive assets is classified as an investing activity. Sometimes a company has enough cash of its own that it can lend money to another enterprise. This, too, would be classified as an investing activity. Generally, any item that would be classified on the balance sheet as a long-term asset would be a candidate for classification as an investing activity.
Now the company can start doing business. It has procured the funds and purchased the equipment and other assets it needs to operate. It starts to sell merchandise or services and make payments for rent, supplies, taxes, and all of the other costs of doing business. All of the cash inflows and outflows associated with doing the work for which the company was established would be classified as an operating activity. In general, if an activity appears on the company's income statement, it is a candidate for the operating section of the cash flow statement.
ACCRUAL AND ITS EFFECT ON FINANCIAL STATEMENTS. Generally accepted accounting principles (GAAP) require that financial statements are prepared on the accrual basis. For example, revenues that were earned during an accounting period may not have been collected during that period, and appear on the balance sheet as accounts receivable. Similarly, some of the collections of that period may have been from sales made in prior periods. Cash may have been collected in a period prior to the services rendered or goods delivered, resulting in deferred recognition of the revenue. This would appear on the balance sheet as unearned revenue.
Sometimes goods or services are paid for prior to the period in which the benefit is matched to revenue (recognized). This results in a deferred expense, or a prepaid expense. Items such as insurance premiums that are paid in advance of the coverage period are classified as prepaid. Sometimes goods or services are received and used by the company before they are paid for, such as telephone service or merchandise inventory. These items are called accrued expenses, or payables, and are recognized on the income statement as an expense before the cash flow occurs. When buildings or equipment are purchased for cash, the cash flow precedes the recognition of the expense by many years. The expense is recognized over the life of the asset as depreciation. One of the main benefits of the cash flow statement is that it removes the effect of any such accruals or deferrals.
METHODS OF PREPARING THE CASH FLOW STATEMENT. Small business owners preparing a cash flow statement chan choose either the direct or the indirect method of cash flow statement presentation. The operating section of a cash flow statement prepared using either method converts the income statement from the accrual to the cash basis, and reclassifies any activity not directly associated with the basic business activity of the firm. The difference lies in the presentation of the information.
Companies that use the direct method are required, at a minimum, to report separately the following classes of operating cash receipts and payments:
RECEIPTS. Companies are encouraged to provide further breakdown of operating cash receipts and payments that they consider meaningful.
Companies using either method to prepare the cash flow statement are also required to separately disclose changes in inventory, receivables, and payables to reconcile net income (the result of the income statement) to net cash flow from operating activities. In addition, interest paid (net of amount capitalized) and income taxes paid must be disclosed elsewhere in the financial statements or accompanying notes. An acceptable alternative presentation of the indirect method is to report net cash flow from operating activities as a single line item in the statement of cash flows and to present the reconciliation details elsewhere in the financial statements.
The reconciliation of the operating section of a cash flow statement using the indirect method always begins with net income or loss, and is followed by an "adjustments" section to reconcile net income to net cash provided by operating activities.
Regardless of whether the direct or the indirect method is used, the operating section of the cash flow statement ends with net cash provided (used) by operating activities. This is the most important line item on the cash flow statement. A company has to generate enough cash from operations to sustain its business activity. If a company continually needs to borrow or obtain additional investor capitalization to survive, the company's long-term existence is in jeopardy.
The presentation of the investing and financing sections is the same regardless of whether the statement is prepared using the direct or indirect method. The final section of the cash flow statement is always a reconciliation of the net increase or decrease in cash for the period for which the statement is prepared, with the beginning and ending balances in cash for the period.
Analyzing and Classifying Common Transactions
Transactions on the balance sheet also must be analyzed and converted from the accrual to the cash basis in preparation of the cash flow statement. Every balance sheet account reflects specific activity. There are only a few distinctive transactions that affect each account. Following are examples of some of the common transactions affecting balance sheet items:
Accounts receivable increases when the company sells merchandise or does a service on credit, and decreases when the customer pays its bill. Accounts receivable is associated with the income statement account Sales or Revenue. The change in accounts receivable or the cash collected from customers is classified as an operating activity.
Inventory increases when the company buys merchandise for resale or use in its manufacturing process, and decreases when the merchandise is sold. Inventory is associated with the income statement account Cost of Goods Sold. The change in inventory or the cash paid for inventory purchases is classified as an operating activity.
Prepaid insurance increases when the company pays insurance premiums covering future periods and decreases when the time period of coverage expires. Prepaid insurance is associated with the income statement account Insurance Expense. The change in prepaids or the amount paid for insurance is classified as an operating activity.
The Land, Building, and Equipment accounts increase when the company purchases additional assets. They also undergo a corresponding decrease when the assets are sold. The only time the income statement is affected is when the asset is sold at a price higher or lower than book value, at which time a gain or loss on sale of assets appears on the income statement. The amount of cash used or received from the purchase or sale of such assets is classified as an investing activity. The gain or loss is classified as an adjustment in the operating section on a cash flow statement prepared using the indirect method.
Accumulated depreciation increases as the building and equipment depreciates and decreases when building and equipment is sold. Accumulated depreciation is associated with depreciation expense on the income statement. Depreciation expense does not appear on a cash flow statement presented using the direct method. Depreciation expense is added back to net income on a cash flow statement presented using the indirect method, since the depreciation caused net income to decrease during the period but did not affect cash.
Goodwill increases when the parent company acquires a subsidiary for more than the fair market value of its net assets. Goodwill amortizes over a time period not to exceed 40 years. Goodwill is associated with amortization expense on the income statement. Amortization expense appears in the operating section of a cash flow statement prepared using the indirect method. Amortization expense does not appear on a cash flow statement prepared using the direct method.
Notes payable increases when the company borrows money, and decreases when the company repays the funds borrowed. Since only the principal appears on the balance sheet, there is no impact on the income statement for repaying the principal component of the note. Notes payable appear in the financing section of a cash flow section.
Premiums and discounts on bonds are amortized through bond interest expense. There is no cash flow associated with the amortization of bond discounts or premiums. Therefore, there will always be an adjustment in the operating section of the cash flow statement prepared using the indirect method for premium or discount amortization. Premium or discount amortization will not appear on a cash flow statement prepared using the direct method.
Common stock and preferred stock with their associated paid in capital accounts increase when additional stock is sold to investors, and decrease when stock is retired. There is no income statement impact for stock transactions. The cash flow associated with stock sales and repurchases appears in the financing section.
Retained earnings increases when the company earns profits and decreases when the company suffers a loss or declares dividends. The profit or loss appears as the first line of the operating section of the cash flow statement. The dividends appear in the financing section when they are paid.
CASH INFLOWS OR RECEIPTS. When preparing the cash flow statement using the direct method, the cash collected from customers may be found by analyzing accounts receivable, as follows: Beginning balance of accounts receivable, plus sales for the period (from the income statement), less ending balance of accounts receivable, equals cash received from customers. This is an extremely simplified formula, and does not take into account written off receivables or other noncash adjustments to customer accounts. If there is no accounts receivable on the balance sheet, the company does a cash business and cash collected from customers will equal sales or revenue on the income statement.
If the cash flow statement is prepared using the indirect method, the adjustment to net income may be found in a similar manner. If the cash received from customers is more than the sales shown on the income statement, causing accounts receivable to decrease, the difference is added to net income. If cash received from customers is less than the sales shown on the income statement, causing accounts receivable to increase, the difference is subtracted from net income.
The amounts borrowed during the period may be found by analyzing the Liability Accounts. The amounts received from investors during the period may be found by doing a similar analysis on the Equity Accounts. Both of these types of transactions will be classified as financing activities.
If any land, buildings, or equipment were sold during the period, the information will be found in the Land, Building, and Equipment Accounts and their associated accumulated depreciation. One simple way to properly categorize the transaction is to reconstruct the journal entry. For example, assume that equipment that had cost $8,000 and had accumulated depreciation of $6,000 was sold during the period for $2,500. The journal entry for this transaction should indicate:
| Cash | $2,500 |
| Accumulated depreciation | $6,000 |
| Equipment | $8,000 |
| Gain on sale of equipment | $500 |
The cash received from the sale of the equipment is classified as an investing activity. If the statement is prepared using the direct method, no other part of the journal entry is used. If the statement is prepared using the indirect method, the gain on sale of equipment is subtracted from net income. When the gain was recorded, net income increased. However, since the company is not in the business of buying and selling equipment, the gain needs to be subtracted from net income to arrive at the adjusted total related only to the proceeds from the company's direct business activities. If the sale had resulted in a loss, the loss is added back to net income.
CASH PAYMENTS. Cash payments are found using similar methods to those used for determining cash received. Cash payments for the purchase of inventory are found by analyzing accounts payable. The following formula can be used to find the cash paid for inventory purchases: beginning balance of accounts payable, plus inventory purchases during the period, less ending balance of accounts payable, equals payments made for inventory during the period. This is a simplified formula and does not take into account any noncash adjustments.
If the cash paid for inventory is greater than the inventory purchased during the period, the difference between the amount purchased and the amount paid is deducted from net income if preparing the cash flow statement using the indirect method. If cash paid for inventory is less than the inventory purchased during the period, the difference between the amount purchased and the amount paid is added to net income if preparing the cash flow statement using the indirect method. Cash payments for land, building, and equipment purchases, repayments of loans, purchases of treasury stock, and payment of dividends may be found by performing similar analysis on the appropriate accounts.
SIGNIFICANT NONCASH TRANSACTIONS. Noncash transactions are not to be incorporated in the statement of cash flows. Examples of these types of transactions include conversion of bonds to stock and the acquisition of assets by assuming liabilities. If there are only a few such transactions, it may be convenient to include them on the same page as the statement of cash flows, in a separate schedule at the bottom of the statement. Otherwise, the transactions may be reported elsewhere in the financial statements, clearly referenced to the statement of cash flows.
Other events that are generally not reported in conjunction with the statement of cash flows include stock dividends, stock splits, and appropriation of retained earnings. These items are generally reported in conjunction with the statement of retained earnings or schedules and notes pertaining to changes in capital accounts.
Further Reading:
Hertenstein, Julie H., and Sharon M. McKinnon. "Solving the Puzzle of the Cash Flow Statement." Business Horizons. January-February 1997.
Kieso & Weygandt. Intermediate Accounting. 7th ed. New York: Wiley, 1992.
Livingstone, John Leslie. The Portable MBA in Finance and Accounting. New York: Wiley, 1992.
Mariotti, John. "Cash is Like Oxygen: Without It, You Can't Survive Long Enough to Make a Profit." Industry Week. April 21, 1997.
O'Connor, Tricia. "The Formula for Determining Cash Flow." Denver Business Journal. June 2, 2000.
"Statement of Financial Accounting Standards No. 95—Statement of Cash Flows." Journal of Accountancy. February 1988.
"Ten Ways to Improve Small Business Cash Flow." Journal of Accountancy. March 2000.
Investopedia Financial Dictionary:
Cash Flow Statement |
One of the quarterly financial reports any publicly traded company is required to disclose to the SEC and the public. The document provides aggregate data regarding all cash inflows a company receives from both its ongoing operations and external investment sources, as well as all cash outflows that pay for business activities and investments during a given quarter.
Investopedia Says:
Because public companies tend to use accrual accounting, the income statements they release each quarter may not necessarily reflect changes in their cash positions. For example, if a company lands a major contract, this contract would be recognized as revenue (and therefore income), but the company may not yet actually receive the cash from the contract until a later date. While the company may be earning a profit in the eyes of accountants (and paying income taxes on it), the company may, during the quarter, actually end up with less cash than when it started the quarter. Even profitable companies can fail to adequately manage their cash flow, which is why the cash flow statement is important: it helps investors see if a company is having trouble with cash.
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Learn how the CFS relates to the balance sheet and income statement as a part of a company's financial reports. What Is A Cash Flow Statement?
Differences between accrual accounting and cash flows show why net income is easier to manipulate. Operating Cash Flow: Better Than Net Income?
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Wikipedia on Answers.com:
Cash flow statement |
| Accountancy | |
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| Key concepts | |
| Accountant · Accounting period · Bookkeeping · Cash and accrual basis · Cash flow forecasting · Chart of accounts · Journal · Special journals · Constant item purchasing power accounting · Cost of goods sold · Credit terms · Debits and credits · Double-entry system · Mark-to-market accounting · FIFO and LIFO · GAAP / IFRS · General ledger · Goodwill · Historical cost · Matching principle · Revenue recognition · Trial balance | |
| Fields of accounting | |
| Cost · Financial · Forensic · Fund · Management · Tax (U.S.) | |
| Financial statements | |
| Balance sheet · Cash flow statement · Statement of retained earnings · Income statement · Notes · Management discussion and analysis · XBRL | |
| Auditing | |
| Auditor's report · Financial audit · GAAS / ISA · Internal audit · Sarbanes–Oxley Act | |
| Accounting qualifications | |
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In financial accounting, a cash flow statement, also known as statement of cash flows or funds flow statement,[1] is a financial statement that shows how changes in balance sheet accounts and income affect cash and cash equivalents, and breaks the analysis down to operating, investing, and financing activities. Essentially, the cash flow statement is concerned with the flow of cash in and cash out of the business. The statement captures both the current operating results and the accompanying changes in the balance sheet.[1] As an analytical tool, the statement of cash flows is useful in determining the short-term viability of a company, particularly its ability to pay bills. International Accounting Standard 7 (IAS 7), is the International Accounting Standard that deals with cash flow statements.
People and groups interested in cash flow statements include:
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Contents
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| Statement of Cash Flow - Simple Example for the period 01/01/2006 to 12/31/2006 |
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|---|---|
| Cash flow from operations | $4,000 |
| Cash flow from investing | ($1,000) |
| Cash flow from financing | ($2,000) |
| Net cash flow | $1,000 |
| Parentheses indicate negative values | |
The cash flow statement was previously known as the flow of Cash statement.[2] The cash flow statement reflects a firm's liquidity.
The balance sheet is a snapshot of a firm's financial resources and obligations at a single point in time, and the income statement summarizes a firm's financial transactions over an interval of time. These two financial statements reflect the accrual basis accounting used by firms to match revenues with the expenses associated with generating those revenues. The cash flow statement includes only inflows and outflows of cash and cash equivalents; it excludes transactions that do not directly affect cash receipts and payments. These non-cash transactions include depreciation or write-offs on bad debts or credit losses to name a few.[3] The cash flow statement is a cash basis report on three types of financial activities: operating activities, investing activities, and financing activities. Non-cash activities are usually reported in footnotes.
The cash flow statement is intended to[4]
The cash flow statement has been adopted as a standard financial statement because it eliminates allocations, which might be derived from different accounting methods, such as various timeframes for depreciating fixed assets.[5]
Cash basis financial statements were very common before accrual basis financial statements. The "flow of funds" statements of the past were cash flow statements.
In 1863, the Dowlais Iron Company had recovered from a business slump, but had no cash to invest for a new blast furnace, despite having made a profit. To explain why there were no funds to invest, the manager made a new financial statement that was called a comparison balance sheet, which showed that the company was holding too much inventory. This new financial statement was the genesis of Cash Flow Statement that is used today.[6]
In the United States in 1971, the Financial Accounting Standards Board (FASB) defined rules that made it mandatory under Generally Accepted Accounting Principles (US GAAP) to report sources and uses of funds, but the definition of "funds" was not clear."Net working capital" might be cash or might be the difference between current assets and current liabilities. From the late 1970 to the mid-1980s, the FASB discussed the usefulness of predicting future cash flows.[7] In 1987, FASB Statement No. 95 (FAS 95) mandated that firms provide cash flow statements.[8] In 1992, the International Accounting Standards Board issued International Accounting Standard 7 (IAS 7), Cash Flow Statements, which became effective in 1994, mandating that firms provide cash flow statements.[9]
US GAAP and IAS 7 rules for cash flow statements are similar, but some of the differences are:
The cash flow statement is partitioned into three segments, namely: 1) cash flow resulting from operating activities; 2) cash flow resulting from investing activities;and 3) cash flow resulting from financing activities.
The money coming into the business is called cash inflow, and money going out from the business is called cash outflow.
Operating activities include the production, sales and delivery of the company's product as well as collecting payment from its customers. This could include purchasing raw materials, building inventory, advertising, and shipping the product.
Under IAS 7, operating cash flows include:[11]
Items which are added back to [or subtracted from, as appropriate] the net income figure (which is found on the Income Statement) to arrive at cash flows from operations generally include:
Examples of Investing activities are
Financing activities include the inflow of cash from investors such as banks and shareholders, as well as the outflow of cash to shareholders as dividends as the company generates income. Other activities which impact the long-term liabilities and equity of the company are also listed in the financing activities section of the cash flow statement.
Under IAS 7,
Items under the financing activities section include:
Under IAS 7, non-cash investing and financing activities are disclosed in footnotes to the financial statements. Under US General Accepted Accounting Principles (GAAP), non-cash activities may be disclosed in a footnote or within the cash flow statement itself. Non-cash financing activities may include[11]
The direct method of preparing a cash flow statement results in a more easily understood report.[12] The indirect method is almost universally used, because FAS 95 requires a supplementary report similar to the indirect method if a company chooses to use the direct method.
The direct method for creating a cash flow statement reports major classes of gross cash receipts and payments. Under IAS 7, dividends received may be reported under operating activities or under investing activities. If taxes paid are directly linked to operating activities, they are reported under operating activities; if the taxes are directly linked to investing activities or financing activities, they are reported under investing or financing activities.
Sample cash flow statement using the direct method[13]
| Cash flows from (used in) operating activities | ||
| Cash receipts from customers | 9,500 | |
| Cash paid to suppliers and employees | (2,000) | |
| Cash generated from operations (sum) | 7,500 | |
| Interest paid | (2,000) | |
| Income taxes paid | (3,000) | |
| Net cash flows from operating activities | 2,500 | |
| Cash flows from (used in) investing activities | ||
| Proceeds from the sale of equipment | 7,500 | |
| Dividends received | 3,000 | |
| Net cash flows from investing activities | 10,500 | |
| Cash flows from (used in) financing activities | ||
| Dividends paid | (2,500) | |
| Net cash flows used in financing activities | (2,500) | |
| . | ||
| Net increase in cash and cash equivalents | 10,500 | |
| Cash and cash equivalents, beginning of year | 1,000 | |
| Cash and cash equivalents, end of year | $11,500 | |
The indirect method uses net-income as a starting point, makes adjustments for all transactions for non-cash items, then adjusts from all cash-based transactions. An increase in an asset account is subtracted from net income, and an increase in a liability account is added back to net income. This method converts accrual-basis net income (or loss) into cash flow by using a series of additions and deductions.[14]
| To Find Cash Flows from Operating Activities using the Balance Sheet and Net Income |
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|---|---|
| For Increases in | Net Inc Adj |
| Current Assets (Non-Cash) | Decrease |
| Current Liabilities | Increase |
| For All Non-Cash... | |
| *Expenses (Decreases in Fixed Assets) | Increase |
The following rules can be followed to calculate Cash Flows from Operating Activities when given only a two year comparative balance sheet and the Net Income figure. Cash Flows from Operating Activities can be found by adjusting Net Income relative to the change in beginning and ending balances of Current Assets, Current Liabilities, and sometimes Long Term Assets. When comparing the change in long term assets over a year, the accountant must be certain that these changes were caused entirely by their devaluation rather than purchases or sales (i.e. they must be operating items not providing or using cash) or if they are nonoperating items.[15]
The intricacies of this procedure might be seen as,
For example, consider a company that has a net income of $100 this year, and its A/R increased by $25 since the beginning of the year. If the balances of all other current assets, long term assets and current liabilities did not change over the year, the cash flows could be determined by the rules above as $100 – $25 = Cash Flows from Operating Activities = $75. The logic is that, if the company made $100 that year (net income), and they are using the accrual accounting system (not cash based) then any income they generated that year which has not yet been paid for in cash should be subtracted from the net income figure in order to find cash flows from operating activities. And the increase in A/R meant that $25 of sales occurred on credit and have not yet been paid for in cash.
In the case of finding Cash Flows when there is a change in a fixed asset account, say the Buildings and Equipment account decreases, the change is added back to Net Income. The reasoning behind this is that because Net Income is calculated by, Net Income = Rev - Cogs - Depreciation Exp - Other Exp then the Net Income figure will be decreased by the building's depreciation that year. This depreciation is not associated with an exchange of cash, therefore the depreciation is added back into net income to remove the non-cash activity.
Finding the Cash Flows from Financing Activities is much more intuitive and needs little explanation. Generally, the things to account for are financing activities:
In the case of more advanced accounting situations, such as when dealing with subsidiaries, the accountant must
A traditional equation for this might look something like,
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[Divs\ paid\ to\ 3rd\ parties] -
\{ Divs\ paid\ to\ NCI\ but\ not\ intracompany\ div\ payments\ \}\,](http://wpcontent.answcdn.com/wikipedia/en/math/3/5/2/352b4dd727e549b3fc1dcfe7b44691d4.png)
Example: cash flow of XYZ:[16][17][18]
| XYZ co. Ltd. Cash Flow Statement (all numbers in millions of Rs.) |
|||
| Period ending | 03/31/2010 | 03/31/2009 | 03/31/2008 |
| Net income | 21,538 | 24,589 | 17,046 |
| Operating activities, cash flows provided by or used in: | |||
| Depreciation and amortization | 2,790 | 2,592 | 2,747 |
| Adjustments to net income | 4,617 | 621 | 2,910 |
| Decrease (increase) in accounts receivable | 12,503 | 17,236 | -- |
| Increase (decrease) in liabilities (A/P, taxes payable) | 131,622 | 19,822 | 37,856 |
| Decrease (increase) in inventories | -- | -- | -- |
| Increase (decrease) in other operating activities | (173,057) | (33,061) | (62,963) |
| Net cash flow from operating activities | 13 | 31,799 | (2,404) |
| Investing activities, cash flows provided by or used in: | |||
| Capital expenditures | (4,035) | (3,724) | (3,011) |
| Investments | (201,777) | (71,710) | (75,649) |
| Other cash flows from investing activities | 1,606 | 17,009 | (571) |
| Net cash flows from investing activities | (204,206) | (58,425) | (79,231) |
| Financing activities, cash flows provided by or used in: | |||
| Dividends paid | (9,826) | (9,188) | (8,375) |
| Sale (repurchase) of stock | (5,327) | (12,090) | 133 |
| Increase (decrease) in debt | 101,122 | 26,651 | 21,204 |
| Other cash flows from financing activities | 120,461 | 27,910 | 70,349 |
| Net cash flows from financing activities | 206,430 | 33,283 | 83,311 |
| Effect of exchange rate changes | 645 | (1,840) | 731 |
| Net increase (decrease) in cash and cash equivalents | 2,882 | 4,817 | 2,407 |
This entry is from Wikipedia, the leading user-contributed encyclopedia. It may not have been reviewed by professional editors (see full disclaimer)
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Copyrights:
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 | Barron's Accounting Dictionary. Dictionary of Accounting Terms. Copyright © 2010 by Barron's Educational Series, Inc. All rights reserved. Read more |
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| Gale Encyclopedia of Small Business. Encyclopedia of Small Business. Copyright © 2002 by The Gale Group, Inc. All rights reserved. Read more |
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| Investopedia Financial Dictionary. Copyright ©2010, Investopedia.com - Owned and Operated by Investopedia US, A Division of ValueClick, Inc. All rights reserved. Read more |
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| Wikipedia on Answers.com. This article is licensed under the Creative Commons Attribution/Share-Alike License. It uses material from the Wikipedia article Cash flow statement. Read more |
