Which of the Following Is Not One of the Objectives

question 131

Multiple Choice

Which of the following is not one of the objectives of Federal Financial Reporting,as outlined in SFFAC 1,which was issued by the FASAB?

• A) Financial reporting should enable evaluation of the service efforts, costs and accomplishments of the reporting entity.
• B) Financial reporting should enable evaluation of the success rate of programs
• C) Financial reporting should reveal whether financial systems and controls are adequate
• D) Financial reporting should demonstrate accountability regarding raising and expending money according to budgetary process and laws and regulations

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Definitions:

Free Trade

International exchange of goods permitted to operate freely, devoid of tariffs, quotas, or any form of restraint.

Low-Opportunity Cost Producer

A producer who can produce a good or service at a lower opportunity cost than competitors, enabling more efficient production and allocation of resources.

Joint Output

Joint output describes a situation where the production process results in two or more products being produced simultaneously from the same inputs.

Mutual Gains

Benefits that occur in a situation or transaction that are advantageous to all involved parties.