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

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.

Quizplus · Accepted Answer

Accountability is considered the cornerstone of financial reporting by state or local governments. It is fundamental because it ensures that these entities are responsible for the resources entrusted to them by the public, and it underpins the need for transparent, accurate, and comprehensive financial information.

Which of the Following Objectives Is Considered the Cornerstone of Financial