Under the Single Audit Act, State and Local Governments and Nonprofit

question 14

True/False

Under the Single Audit Act, state and local governments and nonprofit organizations that receive $100,000 or more in federal financial assistance in any fiscal year, either directly from a federal agency or indirectly through another state or local government entity, are required to have a single annual audit.

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Definitions:

Stolen Check

A check that has been unlawfully taken from its rightful owner leading to potential unauthorized use or fraud.

Refund

The return of money to a purchaser in response to their dissatisfaction with goods or services provided, or as a result of the return of the goods themselves.

Credit Card Companies

Businesses that issue credit cards to consumers, extending a line of credit for purchases and cash advances.

Forged Checks

Illegally altered checks or the creation of counterfeit checks to fraudulently withdraw or obtain money.