GOVAC

ACCTG 013

Module 2

Components of
General Purpose Financial Statements
 FINANCIAL STATEMENTS
➢ means by which the information
accumulated and processed in financial
accounting is periodically communicated to
the users.
➢ End product of Financial Accounting

◼ General Purpose Financial Statement

➢ Intended to meet the needs of the common
users
 Components of the General Purpose
Financial Statements
1. Statement of Financial Position
2. Statement of Financial Performance
3. Statement of Changes in Net Assets/Equity
4. Statement of Cash Flows
5. Statement of Comparison of Budget and
Actual amounts
6. Notes to the Financial Statements
comprised of:
➢ Summary of significant accounting policies
➢ Other explanatory notes