The objective of general purpose financial reporting adopts an entity perspective, which means that
(a) financial reporting should be focused an assessing the company's stewardship.
(b) financial reporting should be focused solely on the needs of the owners.
(c) companies are viewed as separate and distinct from their owners.
(d) None of these answer choices are correct.
Ans: (c) companies are viewed as separate and distinct from their owners.
The entity perspective views companies as separate and distinct from their owners.
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