For external reporting, a company must prepare either an statement of income or a statement of cash flows, but not both.

Name: For external reporting, a company must prepare either an statement of income or a statement of cash flows, but not both.
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Question

Quizplus · Accepted Answer

For external reporting, companies are generally required to prepare both an income statement and a statement of cash flows, along with other financial statements, to provide a comprehensive overview of their financial performance and cash flow activities.

For External Reporting, a Company Must Prepare Either an Statement