Which of the following is not an objective of financial reporting by state and local governments?
A. To assist in determining compliance with finance-related laws, rules, and regulations.
B. To assist financial report users in comparing actual financial results with the legally adopted budget.
C. To assist users in assessing financial condition and results of operations.
D. To assist users in assessing the adequacy of systems and controls.
Answer: D
You might also like to view...
When handwriting is the primary data entry method on a form, the information should be placed in a box on the form rather than on a line, such as is the case when the primary data entry method is by typewriter
Indicate whether the statement is true or false.
What kind of probability is demonstrated if Mr. Lane is asked to predict the duration of his next commute?
A) subjective probability B) conjecture probability C) objective probability D) reflexive probability
You are the CEO of a multi-billion dollar company. Your company employs over 75,000 people. The company is being sued for $100 million dollars as the result of racial discrimination against your customers. Your investigation reveals that some of your
managers are actively violating the law. Discuss the steps you would take to ensure your company's compliance with ethical norms and legal requirements.
Wilfred was driving too fast for the icy road conditions and hit Sally's car. Sally can sue Wilfred in criminal court
Indicate whether the statement is true or false