Which of the Following Is True Regarding the Single Audit

question 16

Multiple Choice

Which of the following is true regarding the Single Audit Act and its amendments?

• A) Governments and not-for-profit organizations that exceed $50 million in federal awards are normally assigned a cognizant agency to provide guidance.
• B) Smaller governments report to oversight agencies; typically the agency providing more funding than any other agency.
• C) Both A and B above.
• D) Neither A nor B above.

---

Definitions:

Conditional Contract

A contract whose validity or enforcement depends on the fulfillment of certain conditions.

Assignment

The transfer of rights, property, or responsibilities from one party to another.

Stop Payment

A stop payment is a request made to a bank to not pay out on a check or payment that has been issued but not yet cashed.

Cheque

A written, dated, and signed instrument that directs a bank to pay a specific amount of money to the bearer.