A regulatory agency would use the external financial statements of a local government for which of the following purposes?
A)To ensure that the entity is spending and receiving resources in accordance with laws, regulations or policies.
B)To determine how resources should be allocated.
C)To exercise general oversight responsibility.
D)To do all of the above.

Question

Quizplus · Accepted Answer

The external financial statements of a local government are used by a regulatory agency to ensure that the entity is spending and receiving resources in accordance with laws, regulations or policies, to exercise general oversight responsibility, and to determine how resources should be allocated.

A Regulatory Agency Would Use the External Financial Statements of a Local