{"id":4042,"date":"2019-10-06T13:34:00","date_gmt":"2019-10-06T13:34:00","guid":{"rendered":"https:\/\/analystprep.com\/cfa-level-1-exam\/?p=4042"},"modified":"2026-03-18T07:55:22","modified_gmt":"2026-03-18T07:55:22","slug":"direct-indirect-cash-flow-statements","status":"publish","type":"post","link":"https:\/\/analystprep.com\/cfa-level-1-exam\/financial-reporting-and-analysis\/direct-indirect-cash-flow-statements\/","title":{"rendered":"Direct and Indirect Cash Flow Statements"},"content":{"rendered":"\n<script type=\"application\/ld+json\">\n{\n  \"@context\": \"https:\/\/schema.org\",\n  \"@type\": \"QAPage\",\n  \"mainEntity\": {\n    \"@type\": \"Question\",\n    \"name\": \"Which step is least likely included in the direct method for preparing cash flows from operations?\",\n    \"text\": \"Which of the following steps is least likely included in the direct method for preparing cash flows from operations?\\n\\nA. Adjusting net income for non-cash expenses.\\nB. Determining how much cash was paid for income taxes.\\nC. Identifying how much cash was received from customers.\",\n    \"answerCount\": 1,\n    \"acceptedAnswer\": {\n      \"@type\": \"Answer\",\n      \"text\": \"Adjusting net income for non-cash expenses.\\n\\nAdjusting net income for non-cash expenses is a step used in the indirect method of preparing cash flows from operations. The direct method instead focuses on identifying actual cash receipts and cash payments, such as cash received from customers and cash paid for income taxes.\",\n      \"dateCreated\": \"2026-01-02\"\n    }\n  }\n}\n<\/script>\n<script type=\"application\/ld+json\">\n{\n  \"@context\": \"https:\/\/schema.org\",\n  \"@type\": \"QAPage\",\n  \"mainEntity\": {\n    \"@type\": \"Question\",\n    \"name\": \"How much cash was received from the sale of the production machine?\",\n    \"text\": \"HH & Associates reported a loss of $30,000 on the sale of a production machine. The book value of the machine was $300,000, and the accumulated depreciation expense was $50,000. How much cash did the company receive from the sale of that machine?\\n\\nA. $220,000\\nB. $250,000\\nC. $270,000\",\n    \"answerCount\": 1,\n    \"acceptedAnswer\": {\n      \"@type\": \"Answer\",\n      \"text\": \"$220,000.\\n\\nFirst compute the carrying value of the machine:\\n\\nCarrying value = Book value \u2212 Accumulated depreciation = 300,000 \u2212 50,000 = 250,000.\\n\\nThe loss on sale is defined as:\\n\\nLoss = Carrying value \u2212 Sale price.\\n\\nRearranging gives:\\n\\nSale price = Carrying value \u2212 Loss = 250,000 \u2212 30,000 = 220,000.\\n\\nTherefore, the cash received from the sale was $220,000.\",\n      \"dateCreated\": \"2026-01-02\"\n    }\n  }\n}\n<\/script>\n\n\n<p><iframe loading=\"lazy\" src=\"\/\/www.youtube.com\/embed\/KlfghhEnOyE\" width=\"611\" height=\"343\" allowfullscreen=\"allowfullscreen\"><\/iframe><\/p>\n<p><strong>\u00a0<\/strong>The first step in preparing the cash flow statement involves the determination of the total cash flows from operating activities. The cash flow from the operations section of the cash flow statement can be prepared using either the direct method or the indirect method.<\/p>\n<p>The second and third steps in the preparation of the cash flow statement entail the determination of the total cash flows from investing activities and financing activities. Irrespective of the method used to prepare the cash flow from the operating activities section, the cash flow from investing and financing activities are each prepared using one format only.<\/p>\n<div style=\"text-align: center; margin: 25px 0;\"><a style=\"display: inline-flex; align-items: center; justify-content: center; padding: 10px 18px; border: 2px solid #1a73e8; border-radius: 999px; color: #1a73e8; text-decoration: none; font-weight: 500; background-color: #f5f9ff; white-space: nowrap;\" href=\"https:\/\/analystprep.com\" target=\"_blank\" rel=\"noopener\"> Master direct and indirect cash flow methods with CFA Level I practice <\/a><\/div>\n<h2><strong>Steps in Preparing Cash Flow from Operating Activities<\/strong><\/h2>\n<h3><strong>Under the Direct Method<\/strong><\/h3>\n<ul>\n<li><strong><em>Determination of the Amount of Cash Received from Customers<\/em><\/strong>\n<ul>\n<li>Revenue is adjusted by the net change in accounts receivable during the accounting period. If accounts receivable increase during the period, then the revenue on an accrual basis is higher than cash receipts from customers, and vice versa.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<ul>\n<li><strong><em>Determination of the Amount that was Paid to Suppliers and Employees<\/em><\/strong>\n<ul>\n<li>In identifying purchases from suppliers, the cost of goods sold is adjusted for the change in inventory during the accounting period. If inventory increased during the period, then purchases during the period exceeded the cost of goods sold and vice versa. Once the amount of purchases has been determined, the cash paid to suppliers can be calculated by adjusting purchases for the change in accounts payable. If all purchases were made in cash, accounts payable will not change and the cash outflows will equal purchases. However, if accounts payable increased during the year, then purchases on an accrual basis will be higher than they would ordinarily be on a cash basis, and vice versa.<\/li>\n<li>In the determination of the cash paid to employees, salary and wages expense is adjusted by the net change in salary and wages payable for the year. If the salary and wages payable increase during the year, then salary and wages expense on an accrual basis will be higher than the amount of cash paid for this expense, and vice versa.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<ul>\n<li><strong><em>Determination of the Amount That was Paid for Other Operating Expenses, Interest, and Income Taxes<\/em><\/strong>\n<ul>\n<li>In determining the amount of cash paid for other operating expenses, the other operating expenses amount on the income statement is adjusted by the net changes in prepaid expenses and accrued expense liabilities for the accounting period. If prepaid expenses increased during the period, other operating expenses on a cash basis will be higher than on an accrual basis, and vice versa. If the accrued expense liabilities increased during the period, other operating expenses on a cash basis will be lower than on an accrual basis, and vice versa.<\/li>\n<li>In determining cash paid for interest, interest expense must be adjusted by the net change in interest payable for the period. If interest payable increases during the period, then interest expense on an accrual basis will be higher than the amount of cash paid for interest, and vice versa.<\/li>\n<li>In determining the cash paid for income taxes, the income tax expense amount on the income statement is adjusted by the net changes in taxes receivable, taxes payable, and deferred income taxes for the period. If taxes receivable or deferred tax assets increase during the accounting period, income taxes on a cash basis will be higher than on an accrual basis, and vice versa. If taxes payable or deferred tax liabilities increase during the period, income tax expense on a cash basis will be lower than on an accrual basis, and vice versa.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<h3><strong>Under the Indirect Method, Net Income is Reconciled With Operating Cash Flow by Adjusting Net Income for:<\/strong><\/h3>\n<ul>\n<li><strong>non-operating activities. F<\/strong>or example, an amount reflecting the sale of equipment would be removed from the operating cash flow section and shown in the investing section of the cash flow statement;<\/li>\n<li><strong>non-cash expenses. F<\/strong>or example, depreciation expense would be added back to net income because it is a non-cash deduction in the computation of net income; and<\/li>\n<li><strong>changes in operating working capital items<\/strong> which include increments and decrements in the current operating asset and liability accounts. Changes in these accounts arise from applying accrual accounting and not cash accounting i.e. recognizing revenue when earned, and expenses when incurred, instead of when cash is received or paid. An increase in a current operating asset account is subtracted from net income, while a net decrease is added to net income.<\/li>\n<\/ul>\n<blockquote>\n<h3><strong>Question 1<\/strong><\/h3>\n<p>Which of the following steps is <em>least likely<\/em> included in the direct method for preparing cash flows from operations?<\/p>\n<ol style=\"list-style-type: upper-alpha;\">\n<li data-tadv-p=\"keep\">Adjusting net income for non-cash expenses.<\/li>\n<li data-tadv-p=\"keep\">Determining how much cash was paid for income taxes.<\/li>\n<li data-tadv-p=\"keep\">Identifying how much cash was received from customers.<\/li>\n<\/ol>\n<p><strong>Solution<\/strong><\/p>\n<p>The correct answer is <strong>A<\/strong>.<\/p>\n<p>Adjusting net income for non-cash expenses is one of the steps involved in the indirect method for preparing cash flows from operations.<\/p>\n<p>Options B and C present steps that are involved in the direct method.<\/p>\n<h3><strong>Question 2<\/strong><\/h3>\n<p>HH &amp; Associates reported a loss of $30,000 on the sale of a production machine. The book value of that machine was $300,000, and the accumulated depreciation expense was $50,000. How much cash did the company receive out of the sale of that machine?<\/p>\n<ol style=\"list-style-type: upper-alpha;\">\n<li data-tadv-p=\"keep\">$220,000<\/li>\n<li data-tadv-p=\"keep\">$250,000<\/li>\n<li data-tadv-p=\"keep\">$270,000<\/li>\n<\/ol>\n<p><strong>Solution<\/strong><\/p>\n<p>The correct answer is <strong>A<\/strong>.<\/p>\n<p>$$\\text{The loss of the machine\u2019s sale} = \\text{Carrying value \u2013 Sale price}$$<\/p>\n<p>Where:<\/p>\n<p>$$\\text{Carrying value = Book value \u2013 Accumulated depreciation}$$<\/p>\n<p>By adding numbers to the above equations, we find out the following:<\/p>\n<p>$$\\text{Carrying value = \\$300,000 \u2013 \\$50,000 = \\$250,000}$$<\/p>\n<p>What would make:<\/p>\n<p>$$\\text{sale price = Carrying value (\\$250,000) &#8211; Loss of the machine\u2019s sale (\\$30,000) = \\$220,000}$$<\/p>\n<\/blockquote>\n<div style=\"text-align: center; margin: 40px 0;\"><a style=\"display: inline-flex; align-items: center; justify-content: center; padding: 12px 20px; border-radius: 999px; background-color: #1a73e8; color: #ffffff; text-decoration: none; font-weight: 600;\" href=\"https:\/\/analystprep.com\" target=\"_blank\" rel=\"noopener\"> Start Free Trial \u2192 <\/a>\n<p style=\"font-size: 15px; margin-top: 12px; color: #555;\">Practice preparing operating cash flows using direct and indirect methods with exam-style questions and clear explanations.<\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>\u00a0The first step in preparing the cash flow statement involves the determination of the total cash flows from operating activities. The cash flow from the operations section of the cash flow statement can be prepared using either the direct method&#8230;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[5],"tags":[],"class_list":["post-4042","post","type-post","status-publish","format-standard","hentry","category-financial-reporting-and-analysis","blog-post","no-post-thumbnail","animate"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Direct vs. Indirect Cash Flow Statements | CFA Level 1<\/title>\n<meta name=\"description\" content=\"The cash flow statement begins with calculating cash flows from operating activities, using either the direct or indirect method for accurate reporting.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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