What Is a Statement Sheet?

A statement sheet is a basic document used for a variety of reasons. There can be several types of statements, each fulfilling a different purpose. The statement essentially informs and presents data that is relevant to a particular situation.  

According to an online article by The Motley Fool, there are three most important numbers that people ought to pay attention to when reading financial statements. These are net income, cash flow and gross margin.  

Examples of Statements

As mentioned above, there can be many types of statements. A statement sheet is basically a formal document that is used to record and present data. The following examples describe just some common examples of statements.

Financial Statement. A financial statement is one of the most common forms. Its basic composition typically includes one’s income and expenses. But since financial statement is a pretty broad term, it can cover other elements as well. For example, a company’s profit and loss statement can be considered a more specific financial statement. While in other cases, the statement can merely contain projections and forecasts of an individual or organization’s finances. Regardless of the content of a financial statement, its purpose is essentially to inform and influence the financial decisions of a person or company. With its many different forms, the statement can be a validating document, potent reminder, or even a stern warning. Personal Statement. Another form of statement is a personal statement. These brief and often descriptive or narrative statements are normally part of an application process. More specifically, personal statements are often required by graduate school programs as a way of getting to know a candidate. College or graduate school admissions officers review an applicant’s personal statement to get a preliminary glimpse of the individual. And along with other application requirements, the statement serves as a reference or basis for acceptance or non-acceptance into the academic program. A good and effective statement is deeply personal, honest, specific, and descriptive. It reflects the personal values and experiences of an individual while revealing an intimate part of themselves. But the truly impactful personal statements are the ones where the author has learned and shared valuable lessons or profound insights from their personal experiences. Police Statement. One of the most basic types of statements is a police statement. These statements are formal and written documents that are crucial to a police investigation. Sometimes, it can be dubbed a witness statement or a police blotter. Regardless of the term, a police statement can carry a lot of weight, especially if it is credible and sound. The statement can be drafted by anyone with a complaint or information about a police case or investigation. It is then recorded and submitted to law enforcement authorities. The statement is supposed to help police and law enforcement uncover the truth so they’ll be able to hold the right people accountable and give justice to those who need it. Although it is important to note that these types of statements are not always a guarantee. Not all police statements offer the whole truth; some may only contain fragments of the truth and others may even just be purely fabricated and made up.

What Makes a Good Statement?

Whether it is a financial statement or a personal statement, a good statement has certain qualities that sets it apart from poorly written statements. If you are tasked to come up with a statement, keep in mind the following tips to improve the structure and content of your statement.

It has clarity and readability. One of the easiest ways to determine if a statement is effective or not is to ask whether or not it is clear. Clarity is important for a statement to be fully comprehended. And it is not just the clarity of language and tone that is important, but also its readability. For example, if a police statement is too vague or contradicting, then it may not be as useful to law enforcement agencies. This applies even to statements containing numerical values or figures. You need to minimize the potential for misinterpretation or miscalculations as much as possible. For financial statements, the income and breakdown of expenses should be organized and in the statement sheet. This not only helps the reader understand the statement, it also makes it easier and more convenient for them. It is based on facts or evidence. A good statement is never far from the truth. At best, it truly presents the truth. It ought to be reflective of the actual situation and reality. Whether it is a profit and loss statement or a graduate school personal statement, it has to be based on hard evidence or backed up by solid supporting proof. This can be a tall order; but objective statements demand the truth or must be able to represent it. It is important to understand that because the human condition is limited and imperfect, the statements they make may be the same as well. A statement can either be true, partially true or entirely false. So if you want a credible and effective statement, you need to practice objectivity and exercise responsibility in creating it. It is highly detailed. Another key element of a good statement is its attention to detail. As far as formal and credible statements go, it is important to pay attention to the details. It is an informative document or form, after all. The greater the detail, the more information can be obtained from the statement. However, it is important to make the distinction between useful and helpful information from irrelevant information. Important information fulfills a purpose, whereas the opposite just delays and distracts. The details contained in the statement must meet the author’s objective. For example, a good witness statement offers helpful details that investigators can use to solve a crime or rectify a problem. It serves a specific purpose. Lastly, a good statement is one track-minded in the sense that it serves a particular purpose. Different statement sheets can serve various objectives. But the point is that it should serve a purpose. For instance, an accounting balance sheet or financial statement would have a different goal than a graduate school personal statement. If you keep a clear objective in mind, your statement would turn out to be more focused and targeted. A statement that does not meet a specific objective can either be reduced to being redundant or irrelevant. To illustrate, a witness statement’s primary goal is always to shed light on a particular incident and ideally, lead to the unveiling of the truth.

How to Create a Statement Sheet

To create a statement sheet, you need to have a good grasp or understanding of the information you want to communicate. And if you are looking for quick and convenient sheet templates to use as reference, you are bound to find a sample statement sheet in the collection of predesigned templates above. Simply choose one that meets your needs and follow the basic steps below. 

Step 1: Objective

As mentioned in the previous section, establishing a clear objective is important in creating a statement sheet. The first step is naming your objective. What is the purpose for creating a statement? Why is it necessary to do so? Again, having an objective can help guide you and keep you focused on what’s important. Whether you are creating an income statement sheet for your company or a personal statement to get into a master’s program, it helps to have a solid goal to focus on. You can keep this section short and straight to the point. The objective objectives need not be long or excessively detailed; try to keep it brief and concise as much as possible.   

Step 2: Research and Data Gathering 

The next step is doing enough research. Having the right information is crucial to coming up with a reliable and credible statement. As discussed earlier, your statement should be based on facts or credible evidence. This does not just happen automatically. You need to go through the process of data collection and data sifting in order to be in the best position to make an accurate statement. You can look at past figures or reports; or you can consult superiors and colleagues to get a better perspective. Whatever method you choose, you need the right data in case you need to back up your statement.   

Step 3: Main Points and Details 

The meat of your statement sheet will obviously be the statement itself. In any statement sheet, whether it contains numbers or words, the main points must be made clear. This can only be achieved by paying attention to the important details. As discussed in the previous sections, an effective statement does not disregard details. Statement sheets are often brief but they are highly informative. What’s important to keep in mind when identifying and enumerating the main points is to pay attention to its structure and logic. Main points often need to be accompanied by supporting points. For example, you can provide relevant examples of significant experiences when drafting a personal statement.    

Step 4: Review   

The last step is ensuring that your statement sheet is accurate or at the very least, trustworthy. Thus, it is important not to skip this step. Make sure to review your statement before finalizing or submitting it. As much as possible, you want to minimize the occurrence of careless mistakes or unnecessary errors. Double check the statement for grammatical errors, inconsistencies, structural integrity and incorrect values or numbers (for financial statements). Reviewing and checking for errors should be standard procedure because it could help prevent any potential inconvenience in the future.   


What are the 3 financial statements?

According to finance and wealth management website Charles Schwab, the required types of financial statements are income statement, balance sheet, and statement of cash flows. These three types of statements are generally used to measure a company’s financial strength.

What are the 5 types of statements?

There are five major types of financial statements, according to WikiAccounting. These are income statement, balance sheet, statement of change in equity, statement of cash flow and note to financial statements.

How do you prepare a financial statement?

To prepare financial statements, you need to have a firm understanding of your company’s financial health. You must be able to identify or indicate specific variables including the revenue, expenditures, and other relevant financial data.

A statement sheet is a basic tool used to present information or data either for individual or organizational goals. By browsing the wide selection of free and editable sample templates above, you can save more time and effort with a ready-made statement sheet template!