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.

Question

Quizplus · Accepted Answer

"Financial reporting should enable evaluation of the success rate of programs" is not one of the objectives of Federal Financial Reporting, as outlined in SAFAC 1. The other objectives listed (A, C, and D) are all included in SAFAC 1 as objectives of Federal Financial Reporting.

Which of the Following Is Not One of the Objectives