Which term defines a 'financial report intended to meet the information needs common to users who are unable to command the preparation of reports tailored so as to satisfy,specifically,all of the information needs'.
A) Balance Sheet
B) Auditor's Report
C) General Purpose Financial Statements
D) Management Discussion and Analysis

Question

Quizplus · Accepted Answer

General Purpose Financial Statements are designed to meet the information needs of common users who cannot demand tailor-made reports. These statements include the balance sheet, income statement, statement of cash flows, and statement of changes in equity.

Which Term Defines a 'Financial Report Intended to Meet the Information