What Is the Cornerstone of External Financial Reporting for Governmental

question 48

Multiple Choice

What is the cornerstone of external financial reporting for governmental units and not-for-profit organizations?

• A) show the flow of financial resources
• B) to determine profit or loss
• C) to compare budgeted to actual resources
• D) Accountability

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Definitions:

Uncertainty

A state of being unsure or having doubts about something, often due to a lack of information or knowledge.

Self-actualized

A term used in psychology to describe a person who has reached their fullest potential, as per Abraham Maslow's hierarchy of needs.

Maslow

Refers to Abraham Maslow, an American psychologist known for creating Maslow's hierarchy of needs, a theory of psychological health predicated on fulfilling innate human needs in priority, culminating in self-actualization.

Androgynous

Exhibiting both masculine and feminine characteristics, or having an ambiguous sexual identity.