Question 1

A public charity is:

Accepted Answer

A)  An organization founded and operated exclusively for public benefit 
B)  An organization that receives more than one-third of its support from a combination of contributions, membership fees, and gross receipts from exempt activities 
C)  Neither A nor B 
D)  Both A and B 
A)  An organization founded and operated exclusively for public benefit 
B)  An organization that receives more than one-third of its support from a combination of contributions, membership fees, and gross receipts from exempt activities 
C)  Neither A nor B 
D)  Both A and B

Question 2

In a governmental audit the auditor:

Accepted Answer

A)  Is required to report directly to appropriate officials in addition to the board or audit committee. 
B)  Is only required to report to the board or audit committee. 
C)  Is only required to report directly to the appropriate officials. 
D)  None of the above. 
A)  Is required to report directly to appropriate officials in addition to the board or audit committee. 
B)  Is only required to report to the board or audit committee. 
C)  Is only required to report directly to the appropriate officials. 
D)  None of the above.

Question 3

If a tax-exempt organization is found by the IRS to have paid excessive benefits,the organization must pay a tax penalty of 25% of the excess benefit and the employee must pay a 10% penalty,but the employee is entitled to keep the benefits.

Accepted Answer

A) True 
 B)False

Question 4

Which of the following is true regarding the Single Audit Act and its amendments?

Accepted Answer

A)  Major programs selected for audit must equal 50 percent or more of federal expenditures, in all cases. 
B)  Separate reports are filed with every federal agency from which the audited organization receives funds. 
C)  Both of the above. 
D)  Neither of the above. 
A)  Major programs selected for audit must equal 50 percent or more of federal expenditures, in all cases. 
B)  Separate reports are filed with every federal agency from which the audited organization receives funds. 
C)  Both of the above. 
D)  Neither of the above.

A public charity is:

In a governmental audit the auditor:

If a tax-exempt organization is found by the IRS to have paid excessive benefits,the organization must pay a tax penalty of 25% of the excess benefit and the employee must pay a 10% penalty,but the employee is entitled to keep the benefits.

Which of the following is true regarding the Single Audit Act and its amendments?

Introduction to Accounting and Financial Reporting for Governmental and Not-For-Profit Organizations

Overview of Financial Reporting for State and Local Governments

Modified Accrual Accounting: Including the Role of Fund Balances and Budgetary Authority

Accounting for the General and Special Revenue Funds

Accounting for Other Governmental Fund Types: Capital Projects, debt Service, and Permanent

Proprietary Funds

Fiduciary Trustfunds

Government-Wide Statements, capital Assets, long-Term Debt

Advanced Topics for State and Local Governments

Accounting for Private Not-For-Profit Organizations

College and University Accounting

Accounting for Hospitals and Other Health Care Providers

Financial Reporting by the Federal Government

Filters

Exam 13: Auditing, tax-Exempt Organizations, and Evaluating Performance

A public charity is:

In a governmental audit the auditor:

If a tax-exempt organization is found by the IRS to have paid excessive benefits,the organization must pay a tax penalty of 25% of the excess benefit and the employee must pay a 10% penalty,but the employee is entitled to keep the benefits.

Which of the following is true regarding the Single Audit Act and its amendments?

Introduction to Accounting and Financial Reporting for Governmental and Not-For-Profit Organizations

Overview of Financial Reporting for State and Local Governments

Modified Accrual Accounting: Including the Role of Fund Balances and Budgetary Authority

Accounting for the General and Special Revenue Funds

Accounting for Other Governmental Fund Types: Capital Projects, debt Service, and Permanent

Proprietary Funds

Fiduciary Trustfunds

Government-Wide Statements, capital Assets, long-Term Debt

Advanced Topics for State and Local Governments

Accounting for Private Not-For-Profit Organizations

College and University Accounting

Accounting for Hospitals and Other Health Care Providers

Financial Reporting by the Federal Government

Filters