SAC1 defines an entity which has users who are dependent on general purpose financial reports as a/an:
A) accounting entity
B) reporting entity
C) company entity
D) legal entity

Question

Quizplus · Accepted Answer

SAC1 defines a reporting entity as an entity which has users who are dependent on general purpose financial reports. While accounting entity, company entity, and legal entity are all relevant terms in accounting, they do not specifically define an entity with users dependent on financial reports.

SAC1 Defines an Entity Which Has Users Who Are Dependent