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.

Question

Quizplus · Accepted Answer

SFFAC 1 outlines four objectives that should be followed in federal financial reporting. Budgetary integrity indicates that financial reporting should demonstrate accountability with regard to the raising and expending of moneys. Operating performance, suggests that financial reporting should enable evaluation of the service efforts, costs and accomplishments of the federal agency. Stewardship reflects the concept that financial reporting should enable an assessment of the impact on the nation of the government's operations and investments. Systems and controls, indicates that financial reporting should reveal whether financial systems and controls are adequate.

Which of the Following Is Not One of the Objectives