The Single Audit Requirement Applies To

question 51

Multiple Choice

The single audit requirement applies to:

• A) All audits of state and local government reporting entities.
• B) Financial audits of all not-for-profit entities.
• C) Most audits of state and local governments expending federal grant funds.
• D) Only those governments and not-for-profit entities that are audited by a federal audit agency.

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Definitions:

Par Common Stock

The value designated to shares of common stock in the articles of incorporation, known as the nominal or face value.

Stock Split

A corporate action where a company divides its existing shares into multiple shares to boost the liquidity of the shares, though the overall value of the company remains unchanged.

Market Value

The present cost at which a service or asset is available for purchasing or selling on the open market.

Stock Split

A corporate action where a company divides its existing shares into multiple shares to boost the liquidity of the shares, though the market capitalization remains the same.