The Single Audit Act Requires That a Governmental Unit Have

question 9

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.

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Definitions:

Controllable Variance

The difference between actual and budgeted costs that management can influence through its actions.

Controllable Variance

A measure in accounting that represents the difference between actual costs and the budgeted amounts that management could control or influence.

Indirect Factory Wages

Wages paid to employees who are not directly involved in production but whose services are necessary for the manufacturing process.

Budgeted Amounts

Financial projections or estimates of revenue and expenses over a specified period, used for planning and control purposes.