Which of the Following Is Not One of the Objectives

question 8

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

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Definitions:

Imported Oil

Oil that is bought from other countries for use, reflecting dependency on foreign sources for energy supply.

Favored Customers

Customers who receive special benefits, discounts, or terms due to their status or relationship with a seller or service provider.

Rationing Mechanism

A system used to allocate scarce goods, services, or resources among people with competing needs or desires.

Tariff

A tax imposed by a government on goods and services imported from other countries, designed to raise revenue or protect domestic industries.