An account is defined as a record of the business activities related to a particular item. The given statement is true.
Business activities can be divided into three categories: operating, investing, and financing. The cash flow statement includes a list of the cash flows that were generated and used by each of these operations. Net income on an accrual basis is supposed to be reconciled to cash flow in the cash flow statement.
Manufacturing, storage, accounting, sales, mergers and acquisitions, the issue of securities, etc. are some examples of business activities. The prompt completion of these tasks enables the businesses to survive and compete in the market.
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