Which of the following represent problems encountered when comparing the financial statements of two separate entities? I. Either one, or both, of the firms may be conglomerates and thus have unrelated fines of business. II. The operations of the two firms may vary geographically. I. The firms may use differing accounting methods. IV. The two firms may be seasonal in nature and have different fiscal year ends. Select one: A. Il and II only. O B. I, II, and III only. O C.I, II, and Iv only. O D. I and Il only. O E.I, II, II, and IV.

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