Which of the following objectives is considered to be the cornerstone of financial reporting by a governmental entity?
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 governmental entity. It refers to the obligation of the government to demonstrate how it has managed public resources and to be answerable for its actions.

Which of the Following Objectives Is Considered to Be the Cornerstone