Which of the following statements is TRUE in relation to general purpose financial statement (GPFS's)?

Question 6 options:

1) General purpose financial statements (GPFSs) are financial statements that comply with accounting standards and are intended for users of financial information who are unable to command the preparation of statements tailored to their specific information needs. 2) General purpose financial statements (GPFSs) are financial statements designed to meet the needs of a specific group of stakeholders or to satisfy a specific purpose.

3) General purpose financial statements (GPFSs) include, for example, the sales budget, the cash budget, and the budgeted balance sheet.

4) Smaller organisations, with a relatively low level of separation of owners and