Financial statements generally include all of the following except:Multiple ChoiceIncome statement.Federal income tax return.Balance sheet.Statement of cash flows.

The balance sheet, income statement, and statement of cash flow are theMultiple Choicefinancial statements.statements of equity.journal entries.ledger entries.balance of trade.

The key financial statements of a business are the balance sheet, the income statement, and the ______.Multiple choice question.tax returnannual reportstatement of cash flowscost of goods sold

The four general purpose financial statements include the income statement, statement of changes in equity, balance sheet, and statement of cash flows. Explain what formal titles each of the statements has, and explain how things are classified (broken down) within each of them.

The Companies Act, 2013 mandates the preparation of financial statements that include:a.Balance sheet, profit and loss account, and cash flow statementb.Income statement, trial balance, and statement of retained earningsc.Cash flow statement, general ledger, and journal entriesd.Statement of changes in equity, trial balance, and balance sheet

‘General purpose financial statements only really need to include two reports – the income statement and the balance sheet – since these two reports capture all of the elements of accounting.’ Comment on this statement.