Question 2 2 pts Which of the following statements is true? O According to the objective of general purpose financial reporting, the reporting entity need not be a legal entity. O The best justification for recording a liability at the high end of an estimate is prudence. O The objective of general purpose financial reporting only addresses the needs of existing investors and creditors. O The Periodicity assumption best justifies using the different measurement bases described in the Conceptual Framework. All of the other answers are true