Why Should Persons Who Manage,advise,or Audit Governments and Not-For-Profit Organizations

question 51

Essay

Why should persons who manage,advise,or audit governments and not-for-profit organizations be generally familiar with OMB Circulars A-87,A-21,and A-122? In your answer explain what "OMB" means,and why its circulars should be of concern to those involved with management,advisement,or auditing of state and local governments and not-for-profit organizations.

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Definitions:

Lease

A contract by which one party conveys land, property, services, or goods to another for a specified period, usually in exchange for periodic payments.

Bouquets

A collection or arrangement of flowers.

Short-Run Marginal Cost

The increase in cost a company faces to produce one additional unit of output when some inputs are fixed in the short term.

Production Function

A mathematical model that defines the maximum output of a company from different combinations of input factors.