Which of the Following Statements Concerning the Audits of Colleges

question 46

Multiple Choice

Which of the following statements concerning the audits of colleges and universities is ?

• A) Both public and private colleges and universities are subject to the provisions of the single audit if they expend over $750,000 in federal funds in a fiscal year.
• B) The nongovernmental nature of public colleges and universities means they are exempt from the requirements of the single audit, but they are required to have an audit conducted under generally accepted auditing standards.
• C) Public colleges and universities are exempt from the requirements of the single audit, but they are required to follow the Uniform Guidance to ensure only allowable costs are charged to federal grants.
• D) Both public and private colleges and universities are exempt from the requirements of the single audit, but they are both required to follow the Uniform Guidance to ensure only allowable costs are charged to federal grants.

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Definitions:

Existential Anxiety

According to existential theorists, a universal fear of the limits and responsibilities of one’s existence.

Defense Mechanisms

Psychological strategies employed by individuals unconsciously to protect themselves from anxiety and conflict by denying or distorting reality.

Generalized Anxiety Disorder

A mental health condition characterized by chronic and exaggerated worry and tension, often with no obvious reason.

Generalized Anxiety

A mental health condition characterized by persistent and excessive worry about various aspects of life, not confined to any one specific issue.