Which of the Following Is Not a Purpose of the Financial

question 5

Multiple Choice

Which of the following is not a purpose of the financial audit that accompanies statements?

• A)​ensuring compliance with fiscal requirements
• B)​render an opinion about whether the statements present fairly the financial position, results of operation, and cash flows of the government
• C)​to comment on the economy, efficiency or program results of a governmental unit
• D)​statements have been prepared in accordance with GAAP, GASB, and state, municipal, and federal laws

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Definitions:

Federal Government Tax Revenue

The income collected by the federal government from taxes, which funds national expenditures such as defense, social services, and infrastructure.

Personal Income Taxes

Taxes levied on the income of individuals or families by the government.

Social Insurance Taxes

Taxes collected to fund public insurance programs, such as retirement pensions, unemployment benefits, and health insurance schemes.

State and Local Governments

State and local governments refer to the administrative bodies governing regions below the national level, responsible for local laws, education, transportation, and more.