Under the Single Audit Act,the Auditor Must Apply Procedures to Test

question 36

Multiple Choice

Under the Single Audit Act,the auditor must apply procedures to test for compliance and test the effectiveness of controls for:  
$\begin{array} { c c c } & \text { Major Programs } &\text { Non-Major Programs }\\\end{array}$
A. $\begin{array} { c c c } \quad\quad\quad\text { Yes } &\quad\quad\quad\quad \text { Yes } \\\end{array}$
B. $\begin{array} { c c c }\quad\quad\quad \text { Yes } &\quad\quad\quad\quad \text { No } \\\end{array}$
C. $\begin{array} { c c c } \quad\quad\quad\text {No} & \quad\quad\quad\quad\text { Yes} \\\end{array}$
D. $\begin{array} { c c c }\quad\quad\quad \text { No } &\quad\quad\quad\quad \text { No }\end{array}$

• A)Option A
• B)Option B
• C)Option C
• D)Option D

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Definitions:

Debits

Entries on the left side of a double-entry accounting system that increase assets or expenses or decrease liabilities, equity, and income.

Credits

In accounting, credits refer to the side of an account that decreases assets or increases liabilities and equity.

Working Capital

The amount of a company's current assets minus its current liabilities, indicating the short-term liquidity position of the company.

Current Liabilities

Obligations or debts that a company is expected to pay off within one year or within its operating cycle, whichever is longer.