Which of the Following Statements Concerning the Audits of Colleges

question 36

Multiple Choice

Which of the following statements concerning the audits of colleges and universities is True?

• A) Both public and private colleges and universities are subject to a single audit if they expend over $750,000 in federal funds in a fiscal year.
• B) The nongovernmental nature of public colleges and universities means they are exempt from the requirements of the single audit, but they are required to have an audit conducted under generally accepted auditing standards.
• C) Public colleges and universities are exempt from the requirements of the single audit, but they are required to follow the Uniform Guidance to ensure only allowable costs are charged to federal grants.
• D) Both public and private colleges and universities are exempt from the requirements of the single audit, but they are both required to follow the Uniform Guidance to ensure only allowable costs are charged to federal grants.

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Definitions:

Comparative Advantage

The ability of an individual, company, or country to produce a good or service at a lower opportunity cost than competitors.

More Efficiently

implies improving productivity or performance using fewer resources or achieving better outcomes in a shorter time frame.

Trade Surplus

A condition in which a nation's exports surpass its imports, signifying a favorable trade balance.

Technology Products

Goods and services derived from scientific and technological advancements, geared toward consumers and businesses.