Final answer:
The correct statements are that financial accounting reports are more general purpose than management accounting reports and that financial accounting is more backward-looking, making option A (True, True) the correct combination.
Step-by-step explanation:
The correct combination concerning the nature of financial accounting reports compared to management accounting reports is A. True, True. Financial accounting reports are indeed more general purpose in nature, as they are intended to provide information to a wide range of users who are not necessarily involved in the day-to-day management of the company. These external users include investors, creditors, and regulatory agencies. Management accounting reports, on the other hand, are tailored for internal use by management to aid in decision-making, planning, and control purposes. Thus, these reports can be customized to the specific needs of the organization. The second statement is also true; financial accounting reports typically focus on historical data and performance, providing a historical record of the financial activities of a business over a past period. Management accounting reports are usually future-oriented, providing information that helps managers plan and predict future events.