Definition: are statements that cover a complete accounting period and include records of all transactions performed by a company but don’t contain any detailed information about the operations and financial state of the organization. They contain the company’s gross profit or losses, but don’t include the figures of its turnover, sales cost, or any other operating revenue. Such accounts can be used for supporting a company’s initial proposal or as a presentation method to demonstrate a summary of its financial data. Abridged accounts are a popular and sometimes required alternative to abbreviated accounts.
In a Sentence:
The abridged accounts of our last fiscal year were presented at the director’s meeting with a potential new business partner.
I thought that preparing abridged accounts would be easier than a full-fledged financial statement, but it still took our department two days to summarize all transactions made during the last quarter.
We don’t have the option to file abridged accounts as our firm is too large, and doesn’t qualify as a small company under the current laws.
Synonyms and related words: abbreviated accounts, financial statement, filleted accounts, accounts payable