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All of the following statements regarding the use of a spreadsheet to prepare a statement of cash flows are correct except:
Analyzing noncash accounts can be challenging when a company has a large number of accounts and many operating, investing, and financing transactions.
The use of a spreadsheet is an optional step in the preparation of a statement of cash flows.
The use of a spreadsheet to prepare the statement of cash flows is a required step in the accounting cycle.
The beginning and ending balance sheet amounts are entered on the spreadsheet before any of the other procedures for completing the spreadsheet are performed.
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