Consider the following statement: ‘Cash is the lifeblood of ...

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Consider the following statement:
‘Cash is the lifeblood of any business, and without it survival is very unlikely.’
For your Initial Response, in approximately 750 – 1,000 words, address the following:
• Do you agree or disagree?
• Explain what information a statement of cash flows provides to supplement that provided by a statement of financial position and an income statement.
• Why is there still some controversy surrounding published statements of cash flows?
• How important are such statements in terms of the financial reporting requirements within YOUR country?
Base your answer on research, your readings and your experiences. Please remember to correctly cite all references.

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Cash as the lifeblood of a business

It has been asserted that cash is a necessity of any business, and without it, survival is very improbable. Inferring from Atrill and McLaney (2004), cash is in most cases deemed as just as an asset, which an entity requires to function. While this is indeed the truth, empirical research and business practices have demonstrated that cash is also one of the most critical elements that should be in place if a business is to expand and prosper. Furthermore, individuals and firms often receive other legal tenders in payment of their claims against business besides cash.
Moreover, Atrill and McLaney (2004) purports that if a business intends to hire new workers, it has to employ the use of...

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