Which of the following is identified by the FASAB as the foundation for federal financial reporting?
A) Decision usefulness.
B) Accountability.
C) Understandability.
D) Budget integrity.

Question

Quizplus · Accepted Answer

The FASAB (Federal Accounting Standards Advisory Board) identifies accountability as the foundation for federal financial reporting. This means that financial reports should provide information that allows readers to hold the government accountable for its use of public resources.

Which of the Following Is Identified by the FASAB as the Foundation