Which of the Following Is Not an Objective of Financial

question 31

Multiple Choice

Which of the following is not an objective of financial reporting by state and local governments?

• A) To assist users in assessing the adequacy of systems and controls.
• B) To assist users in assessing financial condition and results of operations.
• C) To assist financial report users in comparing actual financial results with the legally adopted budget.
• D) To assist in determining compliance with finance-related laws, rules, and regulations.

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Definitions:

Common Law

A set of laws that are not codified but are based on previous judicial decisions and court precedents.

Licence

A licence is an official permission or permit to do, use, or own something, often granted by an authority and subject to certain conditions.

Innkeepers Act

Legislation that outlines the rights and obligations of hoteliers or innkeepers and their guests, including matters of liability and service provision.

Bailee

A person or entity that temporarily receives possession, but not ownership, of a property belonging to another, under a bailment agreement.