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:

Extravert

A personality trait characterized by sociability, talkativeness, assertiveness, and high levels of emotional expressiveness.

Trait Perspective

A theoretical framework in psychology that focuses on identifying, categorizing, and measuring consistent personality characteristics.

Internal Locus

The belief that one's actions are the primary determinants of outcomes and events in their lives.

Factor Analysis

A statistical approach that explains the variance among observed, correlated variables through a smaller number of unseen variables, known as factors.