Comprehensive Detailed
According to FASAB's Objectives of Federal Financial Reporting (Statements of Federal Financial
Accounting Concepts, particularly SFFAC No. 1), the four major objectives of federal financial
reporting are:
Budgetary Integrity
Operating Performance
Stewardship
Systems and Control
Mission readiness is not one of the core federal financial reporting objectives under FASAB standards,
although it may be a goal of some federal agencies operationally (e.g., DOD), it is not one of the
defined financial reporting objectives.
Answer : C. mission readiness
Explanation:
Relevant Reference:
FASAB SFFAC No. 1 – Objectives of Federal Financial Reporting
FASAB Handbook of Accounting Standards and Other Pronouncements
