Which of the following statement(s)is/are true of general purpose financial reports?
A) General purpose financial reports should be prepared by all reporting entities.
B) General purpose financial reports are reports that comply with statements of accounting concepts and accounting standards.
C) General purpose financial reports are intended to meet the information needs common to users who are able to command the preparation of reports.
D) General purpose financial reports should be prepared by all reporting entities and general purpose financial reports are reports that comply with statements of accounting concepts and accounting standards.

Question

Quizplus · Accepted Answer

Both statements A and B are true about general purpose financial reports, while statement C is partially true as the reports are intended to meet the information needs common to a wide range of users, not just those who are able to command the preparation of reports. Therefore, statement D is the best choice as it accurately reflects the true statements about general purpose financial reports.

Which of the Following Statement(s)is/are True of General Purpose Financial