The FASAB's Statement of Accounting and Reporting Concepts Statement No. 1 identifies four objectives of federal financial reporting. The requirement to be publicly accountable for laws and regulations related to spending tax revenues relates to which of the four objectives?
A) Stewardship.
B) Operating performance.
C) Budgetary integrity.
D) Accountability.

Question

Quizplus · Accepted Answer

The requirement to be publicly accountable for laws and regulations related to spending tax revenues directly relates to the objective of "Budgetary Integrity." This objective emphasizes the government's responsibility to manage and report on the sources, uses, and status of its financial resources, ensuring compliance with budgetary and fiscal laws and regulations.