The term ‘special purpose financial statements’ refers to the fact that the information in the reports is:Question 7Answera.prepared to provide general information for use by all users.b.prepared for users who have specialised needs and have the authority to obtain the required information.c.useful for special purposes but not in making specific decisions.d.available to everybody who requires specialised information.

General purpose financial statements are designed toGroup of answer choicesmeet all of the common needs of all primary usersmeet none of the needs of users of financial informationmeet most of the common needs of most primary usersmeet all the information needs of the primary users

Accounting reports prepared to meet the information needs common to users who are unable to command reports to meet their own needs are known as:Group of answer choicesgeneral purpose financial statements.statements of financial performance.external accounting reports.special purpose reports.

According to the Conceptual Framework, the objective of general purpose financial reporting is to provide information that is useful to existing and potential investors, lenders and other creditors in making decision about:Question 1Answera.providing resources to the entity.b.profitable investments.c.improving asset liquidity.d.lending strategies.

12.According to the Statement of Accounting Concepts 2, the objective of general-purpose financial reporting is to provide information to users that is useful for making and evaluating decisions about:单选题  Aprofitable investmentsBlending strategiesCimproving asset liquidityDthe allocation of scarce resources

The four general purpose financial statements include the income statement, statement of changes in equity, balance sheet, and statement of cash flows. Explain what formal titles each of the statements has, and explain how things are classified (broken down) within each of them.