The cornerstone of external financial reporting for governmental units and not-for-profit organizations is:a.to show the flow of financial resourcesb.to determine profit or lossc.to compare budgeted to actual resources d.accountability

The correct answer is: (D) Accountability The cornerstone of external financial reporting for…

Answered: The cornerstone of external financial…

Business

Accounting

The cornerstone of external financial reporting for governmental units and not-for-profit organizations is:

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

The cornerstone of external financial reporting for governmental units and not-for-profit organizations is:

a.	to show the flow of financial resources
b.	to determine profit or loss
c.	to compare budgeted to actual resources
d.	accountability

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