Multiple Choice
The Single Audit Act requires that a governmental unit have a single audit if they
A) receive any Federal Funds even on a pass-through basis.
B) are not in compliance with the Federal grant conditions.
C) receive more than $300,000 in Federal funds annually.
D) only receive one Federal grant.
Correct Answer:
Verified
Correct Answer:
Verified
Q4: Briefly discuss the minimum requirements of the
Q5: Which of the following is not a
Q6: The statement of Cash Flows includes only
Q7: Audit reports prepared under the Single Audit
Q8: Reciprocal interfund activities include interfund services between
Q10: General purpose financial statements are part of
Q11: When operations of component units of government
Q12: The Single Audit Act requires that a
Q13: The City of Terrytown reports the
Q14: GASB Statement No.34 requires a separate set