Question

1. The objective of general purpose financial statements is
(a) to support the reporting entity's annual tax return
(b) to provide the government of the jurisdiction in which the reporting entity operates with financial
information for use in government statistics or government planning or both
(c) to provide management of the reporting entity with financial information about the reporting
entity
(d) to provide information about the financial position, performance and cash flows of the entity
that is useful for economic decision-making by a broad range of users who are not in a
position to demand reports tailored to meet their particular information needs (e.g. investors
and creditors)
rding to the framework is.

Answer 1

( c ) to provide management of the reporting entity with financial information about the reporting entity