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.

Grasp the significance of cost constraint in relation to the value of information provided in financial statements.

Understand the basic concepts and purpose of accounting.

Identify the internal and external users of accounting information.

Differentiate between different business organizations in terms of formation, liability, and financial risk.

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Definitions:

Ethnic Settings

Social environments marked by a specific cultural or racial identity.

Social Advantages

Benefits or privileges that a person or group has due to their status, identity, or position in society.

Divided Opportunity

refers to the unequal distribution of chances and resources that affect individuals' ability to succeed, often based on race, class, or gender.

Racial Wealth Gap

The unequal distribution of assets, wealth, and opportunities between racial and ethnic groups, often a result of historical and systemic inequality.