Accounting for Governmental & Nonprofit Entities
17th Edition
ISBN: 9780078025822
Author: Jacqueline L. Reck James E. Rooks Distinguished Professor, Suzanne Lowensohn, Earl R Wilson
Publisher: McGraw-Hill Education
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Question
Chapter 11, Problem 19.6EP
To determine
Find the correct option, the option that indicates the entity to which the guidelines are applicable, regarding the single audits in accordance with Office of the Management and Budget’s (OMB) Uniform Guidance.
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Students have asked these similar questions
23. Which of the following types of audits is designed to determine that an organization has complied with the specific requirements of major financial assistance programs?
Group of answer choices
An audit in accordance with Government Auditing Standards.
A single audit.
An audit in accordance with generally accepted auditing standards.
An operational audit.
Pittman City was required to have a single audit due to its spending of a large amount of Federal grant funds. The auditor
determined that three of the grants would be classified as "High Risk A" and eight would be "Low Risk A". How many "High Risk B"
grants will the auditor now select?
A
1
B 2
C) 3
D
4
The GASB identifies one of the broadest
objectives of government financial reporting
as:
A. assisting users in assessing profitability of
the government
B. assisting users in making economic, social,
and political decisions.
C. fairly presenting government financial
condition and operating results
D. providing information about the inflows
and outflows of cash
2. The 60-day limit on the period after the end
of the fiscal year that is used for governmental
fund revenue recognition cutoff purposes:
A. is optional for property taxes, but required
for most other governmental fund revenues
B. must be applied to all revenue sources
except charges for licenses and permits
C. must be applied to property taxes, but
cannot be applied to other governmental
fund revenue sources
D. must be applied to property taxes, but may
also be applied to other revenue sources
Chapter 11 Solutions
Accounting for Governmental & Nonprofit Entities
Ch. 11 - Prob. 1QCh. 11 - Prob. 2QCh. 11 - Prob. 3QCh. 11 - Prob. 4QCh. 11 - Prob. 5QCh. 11 - Prob. 6QCh. 11 - Prob. 7QCh. 11 - Prob. 8QCh. 11 - Prob. 9QCh. 11 - Prob. 10Q
Ch. 11 - Background. Lake View Mental Health Affiliates, a...Ch. 11 - Prob. 12CCh. 11 - Prob. 13CCh. 11 - Prob. 14CCh. 11 - Prob. 15CCh. 11 - Prob. 16CCh. 11 - Prob. 17CCh. 11 - Prob. 19.1EPCh. 11 - Prob. 19.2EPCh. 11 - Prob. 19.3EPCh. 11 - Prob. 19.4EPCh. 11 - Prob. 19.5EPCh. 11 - Prob. 19.6EPCh. 11 - Prob. 19.7EPCh. 11 - Prob. 19.8EPCh. 11 - Prob. 19.9EPCh. 11 - Prob. 19.10EPCh. 11 - Prob. 21EPCh. 11 - Prob. 22EPCh. 11 - Prob. 23EP
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Similar questions
- 6. In an audit in accordance Government Auditing Standards, the auditors are required to provide a report on: Group of answer choices Compliance applicable to major federal programs. The Schedule of financial assistance received. Compliance with laws and regulations which are required to be tested by generally accepted auditing standards. Internal control systems used in administering federal assistance programs.arrow_forwardThe Government Accountability Office (GAO) describes expanded-scope governmentalauditing to include all of the following excepta. Financial statement audits.b. Attestation engagements.c. Compliance audits.d. Performance audits.arrow_forwardGenerally accepted government auditing standards (GAGAS) can apply to a: Group of answer choices 1: All of the above. 2: Attestation engagement. 3: Performance audit. 4: Financial audit.arrow_forward
- 42. A certification on the availability of allotment is required before a disbursement of government funds is made. According to the GAM for NGAs, who shall issue this certification? Budget officer Chief accountant Head of the agency Requisitioning Individualarrow_forwardAlthough the scope of audits of recipients of federal financial assistance in accordancewith federal audit regulations varies, these audits generally have which of the followingelements in common?(1) The auditor is to determine whether the financial assistance has been administered in accordance with applicable laws and regulations.(2) The materiality levels are lower and are determined by the governmental entitiesthat provided the federal financial assistance to the recipient.(3) The auditor should obtain written management representations that the recipient’sinternal auditors will report their findings objectively and without fear of politicalrepercussions.(4) The auditor is required to express both positive and negative assurance that illegalacts that could have a material effect on the recipient’s financial statements aredisclosed to the inspector general.arrow_forwardWith respect to the Single Audit Act of 1984 and amendment of 1996 relating to state and local governments and not-for-profit organizations: Distinguish between major and non-major programs. List the Criteria used to determine whether an entity is subject to the Single Audit Act. List the audit reports that should be included in a single audit report.arrow_forward
- Which of the following is true about the management’s discussion and analysis (MD&A)? It is an optional addition to the comprehensive annual financial report, but the GASB encourages its inclusion. It adds a verbal explanation for the numbers and trends presented in the financial statements. It appears at the very end of a government’s comprehensive annual financial report. It replaces a portion of the fund financial statements traditionally presented by a state or local government.arrow_forwardWhich of the following groups sets standards for audits of federal financial assistance recipients? a. U.S. General Accounting Office b. U.S. Office of Management and Budget c. Governmental Accounting Standards Board d. Financial Accounting Standards Boardarrow_forwardGovernmental auditors’ independence and objectivity are enhanced when they report theresults of an audit assignment directly toa. Managers of the government agency under audit and in which the auditors are employed.b. The audit committee of directors of the agency under audit.c. Political action committees of which they are members.d. The congressional committee that ordered the audit.arrow_forward
- Which of the following is true regarding the organization of the comprehensive annual financial report?a. The three major sections are introductory, financial, and statistical.b. The management’s discussion and analysis is considered to be part of the introductory section.c. The auditor’s report is considered to be part of the statistical section.d. Basic financial statements include the government-wide statements, the budgetary statement, and the notes to the financial statements.arrow_forwardChoose the correct. Which of the following is true about the management’s discussion and analysis (MD&A)?a. It is an optional addition to the comprehensive annual financial report, but the GASB encourages its inclusion.b. It adds a verbal explanation for the numbers and trends presented in the financial statements.c. It appears at the very end of a government’s comprehensive annual financial report.d. It replaces a portion of the fund financial statements traditionally presented by a state or local government.arrow_forwardReconciliations required to yield government-wide financial statements from fund financial statements and preparation of financial statementsThe City of Jackson Hole is preparing its government-wide financial statements for the year. Its accountant must prepare a number of journal entries to recognize assets and liabilities previously omitted from the fund financial statements and to recognize revenues and expenses for the year under accrual accounting that were not recognized under the current financial resources measurement focus and the modified accrual basis of accounting used to prepare the Statement of Revenues, Expenditures, and Changes in Fund Balances for its funds. a. Prepare the journal entries for the required reconciliations to recognize the following in the government-wide financial statements (all amounts in $1,000s): 1. Recognize Capital Assets of $973,320 as of the beginning of the year.2. Record Depreciation Expense of $49,416 for the year and reverse Expenditures of…arrow_forward
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