Question

Financial reports prepared for a variety of external users who are unable to obtain the accounting information for their own specific needs are known as:
a.
External user reports.
b. External purpose financial statements
c. Non-specific user reports
d. General purpose financial​

Answer 1

Answer:

General purpose financial reports

Explanation:

From the word 'General', a financial statements which is issued to include a range of fonacila reports without a focus on a certain or specific aspect of a financial disclosure is called a general purpose financial report. The general purpose accounting report is usually issued in other to serve as an investment report to external users, lenders or investors. These accounting report usually incorporates reports including ; Statement of cashflow, balance sheet, shareholders equity, audit report income statement and other available reports.

Answer 2

The term that describes Financial reports which is prepared for a variety of external users that could not get accounting information for their own specific needs are D: General purpose financial.

• In accounting, General purpose financial report are been prepared variety of external users especially those that couldn't obtain the accounting information for their own specific needs.

• It serves as financial reports that serve many variety of function in domain of accounting.

Therefore, option D is correct.

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