Managerial accounting provides all of the following financial information except income statements.
An income statement, also known as a profit and loss account, is one of a company's financial accounts that details the company's revenues and expenses for a given time period.
It describes the process through which revenues are converted into net income or net profit.
Managers and investors can determine if a company gained money (profit) or lost money (loss) during the reporting period by looking at the income statement.
A time period is represented by an income statement. The balance sheet, on the other hand, only depicts one point in time.
An income statement is not produced by charities that are obligated to publish their financial statements.
They instead provide a similar statement that compares funding sources to program costs, overhead costs, and other operating commitments.
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