Which of the Following Objectives Is Considered to Be the Cornerstone

question 30

Multiple Choice

Which of the following objectives is considered to be the cornerstone of financial reporting by a governmental entity?

• A)Accountability.
• B)Budgetary compliance.
• C)Interperiod equity.
• D)Service efforts and accomplishments.

---

Definitions:

Limited Liability Partnership

Limited Liability Partnership (LLP) is a partnership in which some or all partners have limited liabilities, protecting their personal assets from the partnership's debts.

Limited Liability Company

An organizational model that merges the direct tax benefits of a partnership or sole proprietorship with the corporation's advantage of limited liability.

General Partnership

A business structure where two or more partners share unlimited liability for the company's debts and obligations.

Capital Account

An account on a nation's balance of payments that records investments and loans between the country and the rest of the world.