A general purpose accounting statement gives away the generic information of the firm relevant to the financial framework under which it operates. It does not limit its appeal to a specific target customer group but sends out a general financial message. It must be prepared by reconciling all the major information of the business and giving it a suitable format.
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Sample General Purpose Accounting Statement
Name of the business firm: Fluorescent Optical
Date of commencement of business: 7th June, 2007
Region of operation: United States
Business inclusive of the following services and products:
- Contact lenses
- Optical treatments
- Eye checkups
Accounting statement prepared by: Daisy Freeman, Chief Accountant
Date of submission: 5th June, 2011
Illustration of General Purpose Accounting Content (Statements)
- Statement 1:
The financial position of the firm has been estimated by the summative value of all the services, products and contracts cumulated through years of operation. It is stably moving forward and has reported no discernible loss till now. It ranks 150th among all the financially leading companies.
- Statement 2:
The income of the firm has been comprehensively laid down with the help of the recorded financial items including balance sheets, assets, profits and evaluative reports. The net value of the business along with its assets and shares comes to around $4, 50,000.
- Statement 3:
The cash flow spreadsheet establishes the fact that there has been a non-exasperating exchange of incentives even in the recessionary milieu and the firm has transacted serious business with a retinue of foreign clients.