What Is the Objective of General-Purpose Financial Reporting

Multiple Choice

What is the objective of general-purpose financial reporting?

A) to provide financial information about the reporting entity that is useful to present and potential equity investors, lenders, and other creditors in making decisions in their capacity as capital providers.
B) to provide companies with the option to select information that favors one set of interested parties over another.
C) to provide users with financial information that implies total freedom from error.
D) to provide a metric for financial information used to determine when the boundary between two or more entities should be disregarded and the entities considered to be a licensing arrangement.