Accounting

In order for a government to have a program-specific audit, which of the followi

In order for a government to have a program-specific audit, which of the followi

In order for a government to have a program-specific audit, which of the following must be met?
A.   Expend less than $300,000 of federal awards.
B.   Expend federal awards under only one federal program.
C.   Have low-risk programs.
D.

goji.go   794   1 Reply

f_zah1

A data collection form A.Is used in detailed testing of major federal program

A data collection form A.Is used in detailed testing of major federal program

A data collection form
A.   Is used in detailed testing of major federal program compliance.
B.   Is used to summarize the results of a single audit.
C.   Is completed by the cognizant agency.
D.   Is not necessary unless the single audi

goji.go   395   1 Reply

f_zah1

To complete an audit in conformity with generally accepted governmental auditing

To complete an audit in conformity with generally accepted governmental auditing

To complete an audit in conformity with generally accepted governmental auditing standards, the auditor should
A.   Audit the financial statements following generally accepted auditing standards.
B.   Obtain an understanding of the internal con

goji.go   526   1 Reply

f_zah1

Audit reports that meet the requirements of the Single Audit Act and OMB Circula

Audit reports that meet the requirements of the Single Audit Act and OMB Circula

Audit reports that meet the requirements of the Single Audit Act and OMB Circular A-133 need not include
A.   An opinion on the financial statements.
B.   An opinion on the schedule of expenditures of federal awards.
C.   A report on interna

goji.go   423   1 Reply

f_zah1

When reporting on internal control deficiencies, an auditor need not report A.S

When reporting on internal control deficiencies, an auditor need not report A.S

When reporting on internal control deficiencies, an auditor need not report
A.   Significant deficiencies.
B.   Material weaknesses.
C.   Possible deficiencies.
D.   Immaterial differences.

goji.go   457   1 Reply

f_zah1

For basic financial statements of a local government to be presented fairly in a

For basic financial statements of a local government to be presented fairly in a

For basic financial statements of a local government to be presented fairly in all material respects, the basic financial statements must include an opinion unit for:
A.   Governmental activities in the government-wide financial statements.
B

goji.go   471   1 Reply

isaaclee11

A material weakness in internal control is a significant deficiency, or combinat

A material weakness in internal control is a significant deficiency, or combinat

A material weakness in internal control is a significant deficiency, or combination of significant deficiencies, that results
A.   From a material misstatement in the financial statements.
B.   In more than a remote likelihood that a material m

goji.go   397   1 Reply

f_zah1

A nonfederal entity is required to have either a Program-Specific Audit or a Sin

A nonfederal entity is required to have either a Program-Specific Audit or a Sin

A nonfederal entity is required to have either a Program-Specific Audit or a Single Audit if they
A.   Received $300,000 or more in federal awards.
B.   Expended $300,000 or more in federal awards.
C.   Received $500,000 or more in federal

goji.go   375   1 Reply

f_zah1

Which of the following is not an auditee responsibility A.Prepare appropriate f

Which of the following is not an auditee responsibility A.Prepare appropriate f

Which of the following is not an auditee responsibility
A.   Prepare appropriate financial statements.
B.   Insure the audit covers the auditee’s entire operations.
C.   Comply with laws, regulations, and the provisions of contracts related

goji.go   328   1 Reply

f_zah1

Which of the following categories is not a threat to an auditor’s independence?

Which of the following categories is not a threat to an auditor’s independence?

Which of the following categories is not a threat to an auditor’s independence?
A.   The auditor has done the work that is being audited.
B.   The auditor lacks any vested interest in the results of the audit.
C.   The auditor has become too

goji.go   336   1 Reply

f_zah1

With respect to illegal acts, an auditor should A.Design procedures to find ill

With respect to illegal acts, an auditor should A.Design procedures to find ill

With respect to illegal acts, an auditor should
A.   Design procedures to find illegal acts.
B.   Alert appropriate law enforcement officials regarding any material illegal acts found while conducting the audit.
C.   Report any illegal acts

goji.go   358   1 Reply

f_zah1

Auditors are responsible for A.Preparing a government's financial statements an

Auditors are responsible for A.Preparing a government's financial statements an

Auditors are responsible for
A.   Preparing a government's financial statements and related notes to the financial statements.
B.   Reporting on financial and other economic events, transactions, and balances.
C.   Maintaining a governm

goji.go   367   1 Reply

f_zah1

Which of the following could not be an independent auditor for governmental enti

Which of the following could not be an independent auditor for governmental enti

Which of the following could not be an independent auditor for governmental entities?
A.   Public auditors.
B.   Officials of a government other than the one being examined.
C.   Officials of the government being examined even if they are a

goji.go   351   1 Reply

f_zah1

For a government that has less than $100 million in total federal awards expende

For a government that has less than $100 million in total federal awards expende

For a government that has less than $100 million in total federal awards expended, an auditor must perform a risk assessment on a federal program classified as a Type B program
A.   If program has not been assessed in last three years.
B.   Eve

goji.go   355   1 Reply

f_zah1

A federal program that a government classifies as a Type A program A.Must be tr

A federal program that a government classifies as a Type A program A.Must be tr

A federal program that a government classifies as a Type A program
A.   Must be treated as a major program.
B.   Cannot normally be treated as a low-risk program in three consecutive years.
C.   Can usually be treated as a low-risk program i

goji.go   413   1 Reply

f_zah1

For governments that expend less than $3 million of federal awards during a year

For governments that expend less than $3 million of federal awards during a year

For governments that expend less than $3 million of federal awards during a year, each federal program for which it expended $300,000 or more is
A.   Always treated as a major federal program.
B.   Treated as a major federal program if it is a

goji.go   348   1 Reply

f_zah1

An auditor is only required to perform a risk assessment on Type B programs that

An auditor is only required to perform a risk assessment on Type B programs that

An auditor is only required to perform a risk assessment on Type B programs that
A.   Exceed the larger of $100,000 or three-tenths of 1% of total federal awards expended if the total is less than or equal to $100 million.
B.   Exceed the large

goji.go   303   1 Reply

f_zah1

Which of the following statements concerning the identification of a Type A low-

Which of the following statements concerning the identification of a Type A low-

Which of the following statements concerning the identification of a Type A low-risk program is true?
A.   A Type A program can be considered low-risk if it has been audited as a major program in one of the last two years, and the current year had

goji.go   416   1 Reply

f_zah1

If the total of major federal programs was $7,000,000 for an auditee who is not

If the total of major federal programs was $7,000,000 for an auditee who is not

If the total of major federal programs was $7,000,000 for an auditee who is not low risk, the percentage of coverage rule would be met if the aggregate of major federal programs were no more than
A.   $7,000,000.
B.   $14,000,000.
C.   $21,0

goji.go   496   1 Reply

f_zah1

Assume that programs that were classified as major federal programs totaled $4,5

Assume that programs that were classified as major federal programs totaled $4,5

Assume that programs that were classified as major federal programs totaled $4,500,000. If the auditee is considered low-risk, the percentage of coverage rule would be satisfied if the total federal awards expended were no more than
A.   $4,500,00

goji.go   508   1 Reply

f_zah1

An auditor must audit as a major program A.All Type A programs unless the audit

An auditor must audit as a major program A.All Type A programs unless the audit

An auditor must audit as a major program
A.   All Type A programs unless the auditor has identified one as low risk.
B.   All Type A programs.
C.   All Type B programs.
D.   At least two programs in each audit cycle.

goji.go   413   1 Reply

f_zah1

A government is required to have a single audit for any year in which it expends

A government is required to have a single audit for any year in which it expends

A government is required to have a single audit for any year in which it expends federal awards of
A.   At least $100,000.
B.   At least $300,000.
C.   At least $500,000
D.   At least 25% of its total expenditures.

goji.go   344   1 Reply

f_zah1

Questioned costs that may not reflect the actions that a prudent person would ta

Questioned costs that may not reflect the actions that a prudent person would ta

Questioned costs that may not reflect the actions that a prudent person would take under the circumstances are
A.   Unallowable costs.
B.   Unreasonable costs.
C.   Unapproved costs.
D.   Undocumented costs.

goji.go   427   1 Reply

f_zah1

Which of the following is true?

Which of the following is true?

Which of the following is true?
A.   A single audit must include a GAAS audit and a GAGAS audit.
B.   A single audit must include a GAAS audit, but not a GAGAS audit.
C.   A single audit must include a GAGAS audit, but not a GAAS audit.

goji.go   427   1 Reply

f_zah1

Single audits must comply with all of the following guidance except A.AICPA gen

Single audits must comply with all of the following guidance except A.AICPA gen

Single audits must comply with all of the following guidance except
A.   AICPA generally accepted auditing standards.
B.   Generally accepted government auditing standards.
C.   OMB Circular A-133.
D.   Single audits must comply with all

goji.go   315   1 Reply

f_zah1

A single audit must include all of the following except A.A financial statement

A single audit must include all of the following except A.A financial statement

A single audit must include all of the following except
A.   A financial statement audit.
B.   Compliance testing.
C.   A performance audit.
D.   Internal control evaluation and testing.

goji.go   350   1 Reply

f_zah1

Which of the following is not an opinion unit?

Which of the following is not an opinion unit?

Which of the following is not an opinion unit?
A.   Governmental activities.
B.   Internal Service Fund type.
C.   Aggregate of all discretely presented component units, aggregate nonmajor governmental funds, aggregate of nonmajor Enterprise

goji.go   378   1 Reply

f_zah1

Which of the following is not a reporting unit?

Which of the following is not a reporting unit?

Which of the following is not a reporting unit?
A.   Governmental activities.
B.   Aggregate nonmajor governmental funds.
C.   Aggregate of all discretely presented component units, aggregate nonmajor governmental funds, aggregate nonmajor E

goji.go   422   1 Reply

f_zah1

All of the following represent criteria for determining questioned costs except

All of the following represent criteria for determining questioned costs except

All of the following represent criteria for determining questioned costs except
A.   Unallowable costs.
B.   Unreasonable costs.
C.   Unquestioned costs.
D.   Unapproved costs.

goji.go   350   1 Reply

f_zah1

The scope of a financial audit opinion will generally include all of the followi

The scope of a financial audit opinion will generally include all of the followi

The scope of a financial audit opinion will generally include all of the following except
A.   The note disclosures.
B.   The government-wide financial statements.
C.   The governmental funds' balance sheet.
D.   The statistical sect

goji.go   335   1 Reply

f_zah1

Generally accepted governmental auditing standards are issued by the A.AICPA.

Generally accepted governmental auditing standards are issued by the A.AICPA.

Generally accepted governmental auditing standards are issued by the
A.   AICPA.
B.   U.S. Government Accountability Office.
C.   U.S. Office of Management and Budget.
D.   U.S. Department of the Treasury.

goji.go   366   1 Reply

f_zah1

Generally accepted government auditing standards (GAGAS) are established by A.T

Generally accepted government auditing standards (GAGAS) are established by A.T

Generally accepted government auditing standards (GAGAS) are established by
A.   The GASB.
B.   The Comptroller General.
C.   The AICPA.
D.   The FASB.

goji.go   354   1 Reply

f_zah1

Which of the following would not be included as part of the consolidated financi

Which of the following would not be included as part of the consolidated financi

Which of the following would not be included as part of the consolidated financial statements of the federal government?
A.   Balance sheet.
B.   Statement of custodial activity.
C.   Statement of net cost.
D.   Statement of social insura

goji.go   309   1 Reply

f_zah1

The following are representative of the basic year-end financial statements requ

The following are representative of the basic year-end financial statements requ

The following are representative of the basic year-end financial statements required by an agency except
A.   Statement of Net Cost.
B.   Statement of Social Insurance.
C.   Statement of Investing.
D.   Statement of Custodial Activity.

goji.go   366   1 Reply

f_zah1

Which of the following proprietary accounts of a federal agency would be closed

Which of the following proprietary accounts of a federal agency would be closed

Which of the following proprietary accounts of a federal agency would be closed at year-end?
A.   Appropriations realized.
B.   Apportionments.
C.   Appropriations used.
D.   Unexpended appropriations.

goji.go   329   1 Reply

f_zah1

Previously purchased materials costing $50,000 were used by a federal agency. Th

Previously purchased materials costing $50,000 were used by a federal agency. Th

Previously purchased materials costing $50,000 were used by a federal agency. The proprietary entry to record this transaction would be

      Debit   Credit
A.   Operating/Program Expenses – Materials
   Inventory for Agency Operations   $50

goji.go   341   1 Reply

f_zah1

Which of the following journal entries would you expect to see for a federal age

Which of the following journal entries would you expect to see for a federal age

Which of the following journal entries would you expect to see for a federal agency?
A.   Debit to commitments and credit to unappropriated authority.
B.   Debit to commitments and credit to allotments–realized resources.
C.   Debit to commi

goji.go   334   1 Reply

f_zah1

Which of the following journal entries would you expect to see for a federal age

Which of the following journal entries would you expect to see for a federal age

Which of the following journal entries would you expect to see for a federal agency?
A.   Debit to unapportioned authority and credit to commitments.
B.   Debit to unapportioned authority and credit to allotments–realized resources.
C.   Deb

goji.go   347   1 Reply

f_zah1

When equipment is purchased on account, what proprietary accounts are debited? A

When equipment is purchased on account, what proprietary accounts are debited? A

When equipment is purchased on account, what proprietary accounts are debited?
A.   Equipment and Unexpended Appropriations.
B.   Capital Expenses and Unexpended Appropriations.
C.   Equipment and Appropriations Used.
D.   Equipment and E

goji.go   466   1 Reply

f_zah1

Which transaction of a federal agency does not require both budgetary and propri

Which transaction of a federal agency does not require both budgetary and propri

Which transaction of a federal agency does not require both budgetary and proprietary entries?
A.   Receipt of budgetary authority from the Congress, i.e., receipt of appropriation.
B.   Payment of liabilities.
C.   Accrued salaries and bene

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f_zah1