Question : Which of the following statements is incorrect?
Option 1: Cash Flow Statement is not a substitute for Income Statement
Option 2: Cash Flow Statement shows only the inflows and outflows of Cash
Option 3: Income Statement shows both cash and non-cash items of revenue nature
Option 4: None of the above
Answer (1)
19th Jan, 2024
Correct Answer: None of the above
Solution : Answer = None of the above
All of the above statements are correct cash flow statement is not a substitute of the Income statement and records only cash transactions and only revenue nature items are recorded in the Income statement.
Hence, the correct option is 4.
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