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P23-7ACC349 - A Both methods can be used and should be...

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A) Both methods can be used and should be accepted in most circumstances although the direct method may be more popular. The advantage/disadvantage of the direct method is that it allows a person to see, in more detail, where the company is bringing in money and where it is loosing the money. The advantage/disadvantage of the indirect method is that it shows a correlation between the income statement and the balance sheet. It shows the increase/decrease of accts payable and recievable. B) Winston Company Statement of Cash Flows For the Year Ending May 31, 2008 Cash flows from operating activities Cash receipts
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