FASAB Statement of Federal Financial Accounting Concepts No. 1 addresses accountability through which aspects?

The correct answer emphasizes the core components of accountability in federal financial reporting as outlined in FASAB Statement of Federal Financial Accounting Concepts No. 1. This statement specifically identifies budgetary integrity, operating performance, and stewardship as fundamental aspects that ensure accountability.

Budgetary integrity relates to the assurance that the government's financial operations align with its budgetary intentions, reflecting how funds are used responsibly and as planned. This is crucial for maintaining public trust as it demonstrates adherence to legal and policy mandates regarding financial management.

Operating performance evaluates how well the government is meeting its objectives, focusing on the efficiency and effectiveness of its programs. This component ensures that the resources allocated are producing the desired outcomes, which is vital for showcasing responsible administration of public funds.

Stewardship encompasses the government's role in managing resources on behalf of the public, ensuring that assets are protected and used appropriately over time. It reflects a commitment to long-term resource management, demonstrating accountability for the resources entrusted to the government.

These three elements collectively provide a framework that promotes transparency and encourages responsible financial management practices.