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27.Which statement is false regarding the preparation of the indirect method of the statement of cash flows?
| | a. Depreciation expense is added to net income. | | |
| | b. An increase in merchandise inventory is subtracted from net income. | | |
| | c. An increase in accounts payable is added to net income. | | |
| | d. An increase in accounts receivable is added to net income. | |
15.
Which of the following would be considered a committed fixed cost (a cost that is incurred regardless of the level of activity during the period)?
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