Which of the following statements is not true regarding the Trueblood Committee Report?
a. It emphasizes the importance of cash flows to users.
b. It emphasizes the relation of earning-power measurements to the generation of future cash flows.
c. Its earning-power orientation to income is grounded in the notion that in computing economic income, future cash flows should not be discounted to present value.
d. Its objectives represented an important step taken toward establishing a meaningful conceptual framework of objectives.
ANSWER: C
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