Financial reports intended to serve the diverse needs of a variety of external user groups who are unable to obtain their own accounting information are known as:

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General-purpose financial reports are designed to meet the needs of different external user groups, such as investors, creditors, and regulators, who have different information needs and cannot obtain their own accounting information. These reports provide a summary of a company's financial performance and position, including information on assets, liabilities, equity, income, expenses, and cash flows. Specific-purpose financial reports, on the other hand, are tailored to meet the specific needs of a particular user group, such as a proposal for a bank loan or a prospectus for an initial public offering. Management reports and internal reports are designed for internal use within an organization to help managers and employees make informed business decisions.

Financial Reports Intended to Serve the Diverse Needs of a Variety