The conceptualization and measurement of education finance equity and adequacy has engaged researchers for more than three decades. At the same time, calls for increased academic accountability and higher student achievement in K-12 public education have reached new levels at both the national and state levels. Aligning these represents an emerging area of research with many challenges. For example, recent efforts by the authors to measure the alignment of fiscal equity and student outcomes using an equity ratio faced challenges, particularly because traditional education finance statistical measures do not fully account for factors that either impeded or contributed to their alignment. In this article, the authors first review the process they used to create an equity ratio used to measure alignment. They then turn to their subsequent and related research to identify relevant contextual factors. Based upon these studies, they propose a conceptual framework that illustrates the interrelationship of factors associated with the alignment of education finance and accountability policies.