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?

Question

Lia Hammond

Business

3 May, 05:55

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?

+5

Answers (1)

Know the Answer?

Maritza Fernandez · Answer 1

The correct answer is c) Budgetary integrity.

Explanation:

This principle means that every time a budget is made, all the forecasts for resources and all expenses must be presented in full without any direct compensation between them. An example could be when collecting a tax, which must be presented in a consolidated manner in the budget, that is, the expenses incurred in order to collect it should not be discounted.