General-purpose financial statements are the product of: <u>both financial and managerial accounting.</u>
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<h3>What is the definition of general purpose financial statements?</h3>
The general definition of financial statements is to provide information about the effects of operations, financial position, and cash flows of an organization. This information is employed by the readers of financial statements to make judgments regarding the allocation of resources.
<h3>What are the three general objective financial statements?</h3>
The balance sheet, income statement, and cash flow information each offer unique pieces with information that is all connected. Together the three statements give a comprehensive portrait of the company's working activities.
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