Financial statements. The means by which the information accumulated and processed in financial accounting is periodically communicated to the users. General purpose financial statements. Those statements intended to meet the needs of users who are not in a position to require an entity to prepare reports tailored to their particular ...Find step-by-step Accounting solutions and your answer to the following textbook question: According to the FASB conceptual framework, the objective of financial reporting for business enterprises is based on the needs of the users of financial statements. 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