I would like to know, if I can use LaTeX to generate report if I only have Adobe Reader or do I need Adobe Acrobat as well?
Adobe Acrobat is the full suite for creating/manipulating PDF documents. Adobe Reader is the less powerful but more convenient display version with limited document manipulation features. However Adobe Acrobat is not the only way to create PDF files. As long as the result is PDF-standard-compatible, the creator of the PDF document is not relevant.
The (La)TeX input file is a plain text file. If you compile this input file with
pdflatex, you will get a PDF output. There are some PDF viewers you can use to view this PDF output. Adobe Reader is a free one and it is enough.
But if you compile the input file with
latex, you will get a DVI output. In this decade, I don't think you want to have a DVI output. And if you convert the DVI output with
dvips, you will get a PS output. It is also uncommon to have a PS output. To convert the PS output to PDF, use
ps2pdf converter. Now you get a PDF output.
You might be confused with either using a single
latex-dvips-ps2pdf. The rule of thumb is use
pdflatex if your input file imports PDF, PNG, JPG images and has no PSTricks code. Use
latex-dvips-ps2pdf if your input file import EPS images and has PSTricks code.