Which of the following is identified by the GASB as the "cornerstone" of all financial reporting in government?
A) Decision usefulness.
B) Stewardship.
C) Accountability.
D) Interperiod equity.

Question

Quizplus · Accepted Answer

Accountability is considered by the GASB as the cornerstone of all financial reporting in government. It refers to the government's obligation to be answerable for its actions, decisions, and the use of resources in meeting its objectives and serving the public interest. The other options are important objectives of financial reporting but are not the cornerstone according to the GASB.

Which of the Following Is Identified by the GASB as the "Cornerstone