Below must be excluded in the cash flow statementa.depreciation expenseb.cash salesc.cash disbursement paymentd.depreciation expense

The cash flow statement is a financial statement that provides aggregate data regarding all cash inflows a company receives from its ongoing operations and external investment sources. It also includes all cash outflows that pay for business activities and investments during a given period.

a. Depreciation expense: This is a non-cash expense and hence is not included in the cash flow statement. It is added back to the net income in the operating activities section of the cash flow statement because it was a non-cash expense that was subtracted from revenue when net income was calculated.

b. Cash sales: This is a cash inflow and is included in the cash flow statement. It is part of the cash inflow from operating activities.

c. Cash disbursement payment: This is a cash outflow and is included in the cash flow statement. It is part of the cash outflow from operating activities.

d. Depreciation expense: This is a non-cash expense and hence is not included in the cash flow statement. It is added back to the net income in the operating activities section of the cash flow statement because it was a non-cash expense that was subtracted from revenue when net income was calculated.

So, the items that must be excluded from the cash flow statement are the depreciation expenses (both a and d).