Question 1

Tax exempt entities are not allowed to make contributions to political campaigns or they may loose their tax exempt status

Accepted Answer

A) True 
 B)False

Question 2

Which of the following is true regarding the Single Audit Act and its amendments?

Accepted Answer

A)  Major programs selected for audit must equal 50 percent or more of federal expenditures, in all cases 
B)  Separate reports are filed with every federal agency from which the audited organization receives funds 
C)  Both of the above 
D)  Neither of the above 
A)  Major programs selected for audit must equal 50 percent or more of federal expenditures, in all cases 
B)  Separate reports are filed with every federal agency from which the audited organization receives funds 
C)  Both of the above 
D)  Neither of the above

Question 3

A disclaimer of opinion is the appropriate audit opinion when the auditor is not independent.

Accepted Answer

A) True 
 B)False

Question 4

Which of the following is true regarding the Single Audit Act and its amendments?

Accepted Answer

A)  A risk-based approach is used 
B)  An opinion is required on compliance of all programs 
C)  Both of the above 
D)  Neither of the above 
A)  A risk-based approach is used 
B)  An opinion is required on compliance of all programs 
C)  Both of the above 
D)  Neither of the above

Question 5

The single audit act is intended to provide assurance to the federal government that federal funds have been expended in accordance with laws and regulations

Accepted Answer

A) True 
 B)False

Question 6

Describe the different types of governmental audit and attestation engagements.

Accepted Answer

(a) Financial audits primarily concern p

Question 7

If one wished to compute the net debt of a government, this could be found in the governmental fund financial statements.

Accepted Answer

A) True 
 B)False

Question 8

What is the objective of the single audit process?

Accepted Answer

Single audits are intended to provide as

Question 9

What organization oversees the Governmental Auditing Standards?

Accepted Answer

A)  Governmental Accountability Office 
B)  Financial Accounting Standards Board 
C)  AICPA 
D)  Government Accounting Oversight Committee 
A)  Governmental Accountability Office 
B)  Financial Accounting Standards Board 
C)  AICPA 
D)  Government Accounting Oversight Committee

Question 10

Assuming an auditee is not considered low-risk, the auditor is required to express an opinion on compliance on major programs, which must add up to 50 percent of federal funds expended by the auditee.

Accepted Answer

A) True 
 B)False

Question 11

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.

Accepted Answer

A) True 
 B)False

Question 12

What is the correct hierarchy of performance indicators of SEA's?

Accepted Answer

A)  Indicators of service efforts, indicators of service accomplishments, indicators of efficiency 
B)  Indicators of service accomplishments, indicators of efficiency, indicators of service efforts 
C)  Indicators of efficiency, indicators of service accomplishments, indicators of service efforts 
D)  Indicators of service efforts, mission objectives, indicators of efficiency 
A)  Indicators of service efforts, indicators of service accomplishments, indicators of efficiency 
B)  Indicators of service accomplishments, indicators of efficiency, indicators of service efforts 
C)  Indicators of efficiency, indicators of service accomplishments, indicators of service efforts 
D)  Indicators of service efforts, mission objectives, indicators of efficiency

Question 13

The program expense ratio is calculated as Program service expenses / Total expenses

Accepted Answer

A) True 
 B)False

Question 14

Fundraising efficiency is a measure of performance that expresses how much an organization spends in raising a dollar of donations.

Accepted Answer

A) True 
 B)False

Question 15

Beginning in 2004, the requirement for a single audit for organizations receiving federal funds received increased from $300,000 to $500,000

Accepted Answer

A) True 
 B)False

Question 16

Which of the following audit opinions is issued when a government fails to comply with generally accepted accounting principles?

Accepted Answer

A)  Qualified 
B)  Adverse 
C)  Either of the above, depending on the severity of the noncompliance 
D)  Neither (a) or (b) above 
A)  Qualified 
B)  Adverse 
C)  Either of the above, depending on the severity of the noncompliance 
D)  Neither (a) or (b) above

Question 17

Assume the mission statement for the City Fire Department is as follows:
To minimize the combined cost of fire prevention and fire loss.
Give an example of Input, Output, Outcome and Efficiency measures that might be used in Service Efforts and Accomplishments Reporting.

Accepted Answer

(a) Input measures - Dollars expended fo

Question 18

Which of the following is true regarding the Single Audit Act and its amendments?

Accepted Answer

A)  Governments and not-for-profit organizations that exceed $ 50 million in federal awards are normally assigned a cognizant agency to provide guidance; smaller governments are expected to use oversight agencies, the agencies providing more funding than any other agency 
B)  A risk-based approach (risk to the auditor) is used to determine which programs are selected by the auditor to audit 
C)  Both of the above 
D)  Neither of the above 
A)  Governments and not-for-profit organizations that exceed $ 50 million in federal awards are normally assigned a cognizant agency to provide guidance; smaller governments are expected to use oversight agencies, the agencies providing more funding than any other agency 
B)  A risk-based approach (risk to the auditor) is used to determine which programs are selected by the auditor to audit 
C)  Both of the above 
D)  Neither of the above

Question 19

Which of the following tax-exempt organizations would be required to file a form 990?

Accepted Answer

A)  A charity with gross receipts of > $25,000 
B)  A church with gross receipts of > $25,000 
C)  Both (a) and (b) 
D)  Neither (a) nor (b) 
A)  A charity with gross receipts of > $25,000 
B)  A church with gross receipts of > $25,000 
C)  Both (a) and (b) 
D)  Neither (a) nor (b)

Question 20

The highest bond rating assigned by Moody's is:

Accepted Answer

A)  A+ 
B)  A 
C)  AAA 
D)  AAA+ 
A)  A+ 
B)  A 
C)  AAA 
D)  AAA+

Tax exempt entities are not allowed to make contributions to political campaigns or they may loose their tax exempt status

Which of the following is true regarding the Single Audit Act and its amendments?

A disclaimer of opinion is the appropriate audit opinion when the auditor is not independent.

Which of the following is true regarding the Single Audit Act and its amendments?

The single audit act is intended to provide assurance to the federal government that federal funds have been expended in accordance with laws and regulations

Describe the different types of governmental audit and attestation engagements.

If one wished to compute the net debt of a government, this could be found in the governmental fund financial statements.

What is the objective of the single audit process?

What organization oversees the Governmental Auditing Standards?

Assuming an auditee is not considered low-risk, the auditor is required to express an opinion on compliance on major programs, which must add up to 50 percent of federal funds expended by the auditee.

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.

What is the correct hierarchy of performance indicators of SEA's?

The program expense ratio is calculated as Program service expenses / Total expenses

Fundraising efficiency is a measure of performance that expresses how much an organization spends in raising a dollar of donations.

Beginning in 2004, the requirement for a single audit for organizations receiving federal funds received increased from $300,000 to $500,000

Which of the following audit opinions is issued when a government fails to comply with generally accepted accounting principles?

Assume the mission statement for the City Fire Department is as follows: To minimize the combined cost of fire prevention and fire loss. Give an example of Input, Output, Outcome and Efficiency measures that might be used in Service Efforts and Accomplishments Reporting.

Which of the following is true regarding the Single Audit Act and its amendments?

Which of the following tax-exempt organizations would be required to file a form 990?

The highest bond rating assigned by Moody's is:

Introduction to Accounting and Financial Reporting for Governmental and Not-For-Profit Organizations

Overview of Financial Reporting for State and Local Governments

Modified Accrual Accounting: Including the Role of Fund Balances and Budgetary Authority

Accounting for the General and Special Revenue Funds

Accounting for Other Governmental Fund Types: Capital Projects, Debt Service, and Permanent

Proprietary Funds

Fiduciary Trust Funds

Government-Wide Statements, Capital Assets, Long-Term Debt

Accounting for Special-Purpose Entities, Including Public Colleges and Universities

Accounting for Private Not-For-Profit Organizations

College and University Accounting Private Institutions

Accounting for Hospitals and Other Health Care Providers

Filters

Exam 13: Auditing, Tax-Exempt Organizations, and Evaluating Performance

Tax exempt entities are not allowed to make contributions to political campaigns or they may loose their tax exempt status

Which of the following is true regarding the Single Audit Act and its amendments?

A disclaimer of opinion is the appropriate audit opinion when the auditor is not independent.

Which of the following is true regarding the Single Audit Act and its amendments?

The single audit act is intended to provide assurance to the federal government that federal funds have been expended in accordance with laws and regulations

Describe the different types of governmental audit and attestation engagements.

If one wished to compute the net debt of a government, this could be found in the governmental fund financial statements.

What is the objective of the single audit process?

What organization oversees the Governmental Auditing Standards?

Assuming an auditee is not considered low-risk, the auditor is required to express an opinion on compliance on major programs, which must add up to 50 percent of federal funds expended by the auditee.

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.

What is the correct hierarchy of performance indicators of SEA's?

The program expense ratio is calculated as Program service expenses / Total expenses

Fundraising efficiency is a measure of performance that expresses how much an organization spends in raising a dollar of donations.

Beginning in 2004, the requirement for a single audit for organizations receiving federal funds received increased from $300,000 to $500,000

Which of the following audit opinions is issued when a government fails to comply with generally accepted accounting principles?

Assume the mission statement for the City Fire Department is as follows: To minimize the combined cost of fire prevention and fire loss. Give an example of Input, Output, Outcome and Efficiency measures that might be used in Service Efforts and Accomplishments Reporting.

Which of the following is true regarding the Single Audit Act and its amendments?

Which of the following tax-exempt organizations would be required to file a form 990?

The highest bond rating assigned by Moody's is:

Introduction to Accounting and Financial Reporting for Governmental and Not-For-Profit Organizations

Overview of Financial Reporting for State and Local Governments

Modified Accrual Accounting: Including the Role of Fund Balances and Budgetary Authority

Accounting for the General and Special Revenue Funds

Accounting for Other Governmental Fund Types: Capital Projects, Debt Service, and Permanent

Proprietary Funds

Fiduciary Trust Funds

Government-Wide Statements, Capital Assets, Long-Term Debt

Accounting for Special-Purpose Entities, Including Public Colleges and Universities

Accounting for Private Not-For-Profit Organizations

College and University Accounting Private Institutions

Accounting for Hospitals and Other Health Care Providers

Filters