Which of the following statements regarding the statement of cash flows is incorrect?
A. The statement of cash flows presents a detailed summary of all the cash inflows and outflows, or the sources and uses of cash during the period.
B. Due to its format and level of detail, most individuals have difficulty comprehending the information reported in the statement of cash flows.
C. The income statement, the statement of stockholders’ equity, and the balance sheet each present some information about the cash flows of an enterprise during a period.
D. The statement of cash flows reports the following:
(1) the cash effects of operations during a period,
(2) investing transactions,
(3) financing transactions, and
(4) the net increase or decrease in cash during the period.