The Single Audit Act Is Intended to Provide Assurance to the Federal

question 167

True/False

The Single Audit Act is intended to provide assurance to the federal government that federal funds are protected through a system of internal controls and sound financial management practices.

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Definitions:

Long-Term Contracts

Agreements that extend over a long period, often used in industries like construction or supply services, specifying performance obligations and payment terms.

Percentage-Of-Completion Method

An accounting method used to recognize revenue and expenses of long-term projects proportionally to the degree of completion.

Revenue Recognition

Guidelines that dictate when a company can report income, crucial for timely and fair financial reporting.

Completed Contract Method

An accounting technique used to recognize revenue and expenses of long-term contracts only after the project is completed.