Which of the Following Is True Regarding the Single Audit

question 36

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 50 percent of federal funds expended, in all cases
• C) Both of the above
• D) Neither of the above

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Definitions:

Business Organizations

Structured entities built to conduct commercial activities or provide goods and services, operating under a defined set of rules and regulations.

Associative Learning

A learning process in which a connection is made between two stimuli or a stimulus and a response, foundational to behavioral psychology.

Events

Occurrences or happenings that are noteworthy or significant, often marked by certain ceremonies or activities.

Learning

The method of obtaining new, or changing current, knowledge, behaviors, skills, values, or preferences.