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:

Necessary Features

are essential characteristics or components required for something to be recognized or function in a certain way.

Sufficient Features

Characteristics or aspects that are adequate or enough to meet the needs of a situation or to fulfill a criterion.

Brain Activation

A process involving increased blood flow and neural activity in specific areas of the brain in response to various tasks or stimuli.

Nouns

Words that name people, places, things, or ideas.