According to Gray's Framework for Accounting System Development, the Counterpart

question 46

Multiple Choice

According to Gray's framework for accounting system development, the counterpart to the accounting value of "secrecy" is:

• A) professionalism.
• B) transparency.
• C) optimism.
• D) flexibility.

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Definitions:

Agency Fund

A fund used by a government to account for resources held in a trustee capacity for individuals, private organizations, or other government units.

Governmental Entities

Organizations that operate on the government's behalf, including departments, agencies, and authorities, responsible for implementing policy and managing public sector resources.

Accounting Principles

Accounting Principles are the rules and guidelines that companies must follow when reporting financial data, ensuring consistency, reliability, and comparability of financial statements.

GASB

The Governmental Accounting Standards Board, an organization that establishes accounting and financial reporting standards for U.S. state and local governments.