Which of the following statement$($s$)$ is$/$are true of general purpose financial reports?

Group of answer choices

General purpose financial reports should be prepared by all reporting entities.

General purpose financial reports are reports that comply with statements of accounting concepts and accounting standards.

General purpose financial reports are intended to meet the information needs common to users who are able to command the preparation of reports.

General purpose financial reports should be prepared by all reporting entities and general purpose financial reports are reports that comply with statements of accounting concepts and accounting standards.