Which of the Following Is True Regarding the Single Audit

question 9

Multiple Choice

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

• A) All governmental entities with expenditures of federal funds in excess of $500,000 must have a single audit, if more than one program exists.
• B) An audit must be designed to cover 25 percent of federal funds expended, unless the organization is deemed to be low risk.
• C) Both A and B above.
• D) Neither A nor B above.

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Definitions:

Union Army

The land force that fought for the Northern states during the American Civil War against the Confederate Army of the Southern states.

Military Service

Employment in the armed forces of a country, including duties in defense, operations, and possibly combat, either as a voluntary career or through conscription.

Border States

Refers to the slave states that did not secede from the Union during the American Civil War, namely Delaware, Maryland, Kentucky, and Missouri.

Emancipation Proclamation

A historic executive order issued by President Abraham Lincoln in 1863 that declared the freedom of all enslaved people in Confederate states.