Which of the Following Is an Objective of the Single

question 31

Multiple Choice

Which of the following is an objective of the Single Audit Act?

• A)The financial statements of the entity are not affected by immaterial errors or misstatements.
• B)The entity has not committed fraud.
• C)The entity has in place a system of internal control sufficient to ensure that financial statements are prepared in accordance with generally accepted accounting principles.
• D)The entity is satisfying the laws, regulations, and provisions that apply to each specific federal award.

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Definitions:

Rate

A measure or quantity across a specific time frame, commonly used to calculate speed, frequency, or incidence.

Correlation

A statistical measure that indicates the degree to which two or more variables fluctuate together.

Lillian Rubin

An American sociologist and psychotherapist known for her contributions to understanding the dynamics of family, gender, and class in American society.

Overgeneralization

A logical fallacy involving making broad generalizations from too little evidence or specific cases.