Which of the Following Is Not an Objective Identified in FASAB

question 41

Multiple Choice

Which of the following is not an objective identified in FASAB Statement of Accounting and Reporting Concepts No. 1 ?

• A) To assist report users in evaluating budgetary integrity.
• B) To assist report users in evaluating the extent to which tax burdens have changed.
• C) To assist report users in evaluating stewardship.
• D) To assist report users in evaluating operating performance.

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Definitions:

Assets

Resources owned or controlled by a business, considered to have economic value and expected to benefit future operations.

Prepaid Rent Expense

Prepaid rent expense is an advance payment for rent that is recorded as an asset on the balance sheet until it is used or consumed in future periods.

Liability

An obligation that a corporation or individual has to another entity, typically financial in nature, such as loans or accounts payable.

Asset

Resources owned by an individual or business that have economic value and can be used to meet debts, commitments, or legacies.