Which of the Following Statement(s)is/are True of General-Purpose Financial Reports

question 42

Multiple Choice

Which of the following statement(s) is/are true of general-purpose financial reports?

• A)General purpose financial reports should be prepared by all reporting entities.
• B)General-purpose financial reports are reports that comply with statements of accounting concepts and accounting standards.
• C)General-purpose financial reports are intended to meet the information needs common to users who are able to command the preparation of reports.
• D)All of the given answers.
• E)General purpose financial reports should be prepared by all reporting entities and general-purpose financial reports are reports that comply with statements of accounting concepts and accounting standards.

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Definitions:

Conscious

Being aware of and able to think about one’s own existence, sensations, thoughts, surroundings, and experiences.

Perceiving/Judging

Refers to one of the dichotomies in the Myers-Briggs Type Indicator (MBTI), indicating a preference in the way individuals process information and make decisions, either through perceiving (open-ended, adaptable, spontaneous) or judging (organized, decisive).

Extravert/Introvert

Extraversion and introversion are parts of a continuum of personality traits, with extraverts tending to be more outward-turning and sociable, while introverts are more inward-turning and reserved.

Intuitive/Sensing

Refers to one of the dichotomies in psychological typologies (such as the Myers-Briggs Type Indicator) that contrasts intuitive, abstract, and big-picture thinking with sensing, concrete, and detail-oriented processing.