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:

Transpiration

The process by which moisture is carried through plants from roots to small pores on the underside of leaves, where it changes to vapor and is released into the atmosphere.

Translocation

The process in plants where nutrients and sugars produced in the leaves are transported to other parts of the plant through the phloem.

Phloem

The vascular tissue in plants responsible for the transport of sugars and nutrients from the leaves down to the roots.

Translocate

The process of moving substances within an organism, especially the movement of nutrients and fluids in plants.