Which of the following objectives is considered the cornerstone of financial reporting by a state or local government?
A)Accountability.
B)Budgetary compliance.
C)Interperiod equity.
D)Service efforts and accomplishments.

Question

Quizplus · Accepted Answer

Accountability is considered the cornerstone of financial reporting by a state or local government. This means that the government must report on how it has used public resources and how it has achieved its intended outcomes, in order to demonstrate stewardship to its citizens. While the other objectives (budgetary compliance, interperiod equity, service efforts and accomplishments) are also important, accountability is considered the most fundamental.

Which of the Following Objectives Is Considered the Cornerstone of Financial