Audits of State and Local Governments May Be Performed by All

question 21

Multiple Choice

Audits of state and local governments may be performed by all of the following except:

• A) Independent CPAs.
• B) State audit agencies.
• C) Federal grantor agencies.
• D) The Office of Management and Budget (OMB).

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Definitions:

Payroll Tax

Taxes imposed on employers or employees, and are usually calculated as a percentage of the salaries that employers pay their staff.

Interest-Bearing Note

A debt security that pays interest to the holder, typically at a fixed rate, until maturity.

Deducts

Refers to the act of subtracting an amount from a total, often used in accounting and finance to calculate net values.

Advanced

Refers to levels of progress or development that are ahead in terms of technology, ideas, or methods.