The Single Audit Requirements Apply Only to State and Local

question 152

True/False

The single audit requirements apply only to state and local governments. Private not-for-profits do not have to comply with these requirements, even if they receive federal grants.

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Definitions:

Title Passes

The point at which ownership of property is transferred from one party to another according to the terms of a contract.

Goods Arrive

The event or process where purchased or ordered products reach their destination or the buyer's location.

Fungible Goods

Goods of which any unit is identical from another and can be substituted, such as grains, fuels, or money.

Equivalent Unit

A concept in cost accounting used to express the amount of work in progress inventory in terms of fully completed units of output.