Which of the Following Statements Concerning the Single Audit Act

question 22

Multiple Choice

Which of the following statements concerning the Single Audit Act of 1984 (with 1996 Amendments) is correct?

• A) Only those entities receiving over $500,000 a year in federal financial assistance are required to have a single audit.
• B) Those entities expending under $500,000 a year in federal awards are exempt from single audit requirements.
• C) The Single Audit Act only applies if an entity has high risk programs.
• D) The single audit is optional for all entities receiving federal awards.

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Definitions:

Gratuitous Bailment

A bailment where the bailor transfers possession of property to the bailee without expecting any payment or benefit in return.

Economic Growth

An increase in the production of goods and services in an economy over a period of time, often measured by GDP.

Legislative Authority

The power or right vested in a legislative body to enact laws, statutes, and regulations.

Environment Protection

Efforts and policies aimed at preserving and restoring the natural environment from damage caused by human activities.