Which is NOT a component of a projected financial statement?

A projected financial statement typically includes estimates about future financial performance, which are based on various assumptions and forecasts. Thus, assumptions about revenue growth, projected expenses, and future sales forecasts are considered essential components of these statements—they help management and stakeholders gauge the viability of future business scenarios based on projected performance metrics.

On the other hand, past cash flow statements are historical documents that reflect what has already occurred financially within the business rather than future expectations. They provide valuable insights into past performance and cash flow trends, but they do not fit within the framework of projected financial statements, which focus on what is anticipated moving forward. Hence, past cash flow statements are not a necessary element of projected financial statements.