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:

Economic Change

A shift in the state of an economy, often marked by fluctuations in employment, prices, and wealth, potentially initiated by policy, market, environmental, or technological alterations.

Demographic Change

The alteration over time in the statistical characteristics of a population, such as age, race, or income.

Professional Standards

Benchmarks or criteria within a profession that define the quality, ethics, and performance expectations for professionals and their practices.

Product Mix

The variety of different products that a company makes or sells, aiming to maximize profit or market share.