Match the descriptions with their terms :
-The primary users of general purpose financial reports.
A) Resource providers
B) Materiality
C) Assets
D) SAC 7
E) Full disclosure principle
F) Cost
G) A conceptual framework
H) Verifiability
I) The Conceptual Framework
J) The Framework
K) Losses
L) Contingent liabilities

Question

Match the descriptions with their terms :
-The primary users of general purpose financial reports.
A) Resource providers
B) Materiality
C) Assets
D) SAC 7
E) Full disclosure principle 
F) Cost
G) A conceptual framework
H) Verifiability
I) The Conceptual Framework
J) The Framework
K) Losses
L) Contingent liabilities

Quizplus · Accepted Answer

General purpose financial reports are primarily designed for the users who are unable to command the preparation of reports tailored to their specific information needs. Resource providers, such as investors and creditors, are the primary users as they rely on this information to make decisions about providing resources to the entity.

Match the Descriptions with Their Terms