Generally Accepted Government Auditing Standards (GAGAS)apply to Audits of State

question 63

True/False

Generally accepted government auditing standards (GAGAS)apply to audits of state and local governments only if they expend $500,000 or more in federal financial assistance.

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Definitions:

Economic Unit

A group of individuals, typically members of a family, seen as a single entity for economic and financial analysis.

Emotionally Committed

Describes a state of being deeply invested in a relationship or cause, involving significant emotional attachment and dedication.

Living Together

The arrangement whereby individuals share a common living space without being married or otherwise legally committed to each other.

Socialization

The process of acquiring the language, accumulated knowledge, attitudes, beliefs, and values of one’s society and culture and learning the social and interpersonal skills needed to function effectively in society.