Which of the Following Must Have an Audit Under GAGAS

question 33

Multiple Choice

Which of the following must have an audit under GAGAS?

• A)A state government that receives more than $500,000 in federal awards during the year.
• B)A local government that receives more than $501,000 in federal awards during two years.
• C)A state government that expends more than $500,000 in federal awards during the year.
• D)A local government that expends more than $501,000 in federal awards during two years.

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Definitions:

Resource Allocation

The process of allocating resources, including capital, labor, and materials, among competing uses or projects in an efficient manner.

Production Possibilities Curve

The Production Possibilities Curve (PPC) is a model that shows the various combinations of two goods or services that an economy can produce, given its resources and technology, illustrating the concept of opportunity cost.

Unemployment Rate

The percentage of the labor force unemployed at any time.

Technological Advance

The development and application of innovative processes, equipment, or software that enhances productivity, efficiency, or quality.