A general purpose financial statements means:
A) a financial report intended to meet the information needs of users who are unable to command the preparation of special purpose reports
B) a financial report prepared by the company for the needs of any user
C) a financial report intended to meet the information needs of preparers
D) a financial report intended to meet the information needs of users who are able to command the preparation of reports to satisfy all of their information needs

Question

Quizplus · Accepted Answer

General purpose financial statements are designed to meet the needs of users who do not have the power to demand reports tailored to their specific information needs. These statements provide a broad overview of a company's financial condition and performance, suitable for a wide audience.

A General Purpose Financial Statements Means