Which of the Following Is Not One of the Objectives

question 20

Multiple Choice

Which of the following is not one of the objectives of Federal Financial Reporting,as outlined in SAFAC 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:

Standard Deviation

A statistic that measures the dispersion or variability of a dataset relative to its mean, indicating how spread out the data points are.

Mean Purchase

The average amount of purchases made over a certain period of time or across individuals.

Probability

The expression of an event's likelihood as a number from 0 to 1.

Standard Error

A measure that quantifies the variation or dispersion of sample means relative to the true population mean.