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Acct 410 Government and Not for Profit Chp 11-15 Quiz Essay

Question 1
4 out of 4 points
| |
| Federal funds must be used only for activities that are within the scope of the grant would be a(n)Answer | | | | | Selected Answer:| allowable activity|
Correct Answer:| allowable activity|
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Question 2
0 out of 4 points
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| In reporting the results of a performance audit, it is appropriate for the auditors toAnswer | | | | | | |
Correct Answer:| all of the above.|
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Question 3
4 out of 4 points
| |
| Which of the following is a Yellow Book standard in respect to independence?Answer | | | | | Selected Answer:| auditors should not audit their own work| Correct Answer:| auditors should not audit their own work|

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Question 4
4 out of 4 points
| |
| The Yellow Book’s general standards are issued by theAnswer | | | | | Selected Answer:| GAO|
Correct Answer:| GAO|
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Question 5
4 out of 4 points
| |
| In discerning the objectives of a program to be audited, the auditors
should give the least credibility toAnswer | | | | | Selected Answer:| comments by the lower-level employees who actually depend on the program for their livelihoods.| Correct Answer:| comments by the lower-level employees who actually depend on the program for their livelihoods.|

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Question 6
4 out of 4 points
| |
| Which of the following is not reported upon in the Schedule of Findings and Questioned Costs?Answer | | | | | Selected Answer:| reportable conditions related to internal control| Correct Answer:| reportable conditions related to internal control|

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Question 7
0 out of 4 points
| |
| Government Auditing Standards characterizes government engagements into which of the following three categories?Answer | | | | | | |
Correct Answer:| financial audits, compliance audits, and performance audits|
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Question 8
4 out of 4 points
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| The process of specifically directing federal funds to a particular program is called:Answer | | | | | Selected Answer:| earmarking|
Correct Answer:| earmarking|
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Question 9
4 out of 4 points
| |
| Government Auditing Standards must be adhered to in all financial audits
except ofAnswer | | | | | Selected Answer:| public corporations|
Correct Answer:| public corporations|
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Question 10
0 out of 4 points
| |
| The purpose of this is to avoid duplication of efforts in conducting governmental auditsAnswer | | | | | | |
Correct Answer:| Single Audit Act|
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Question 11
4 out of 4 points
| |
| This law requires that the wages of laborers and mechanics employed by the contractors of federally funded projects be paid at prevailing local wage rates.Answer | | | | | Selected Answer:| Davis-Bacon Act|

Correct Answer:| Davis-Bacon Act|
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Question 12
4 out of 4 points
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| Which of the following statements is incorrect about GAO standards pertaining to performance audits?Answer | | | | | Selected Answer:| The GAO mandates that programs be audited annually by accounting trained professionals| Correct Answer:| The GAO mandates that programs be audited annually by accounting trained professionals|

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Question 13
4 out of 4 points
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| Which of the following is not a General Auditing Standard for financial audits?Answer | | | | | Selected Answer:| financial stability|
Correct Answer:| financial stability|
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Question 14
4 out of 4 points
| |
| Per the GAO standards, an auditor’s working papers mustAnswer | | | | | Selected Answer:| contain sufficient information to convince an auditor having no previous connection with the audit that the evidence supports the auditor’s conclusions and judgments| Correct Answer:| contain sufficient information to convince an auditor having no previous connection with the audit that the evidence supports the auditor’s conclusions and judgments|

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Question 15
0 out of 4 points
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| ‘‘Generally accepted government auditing standards’’ (GAGAS) refers to standards incorporated inAnswer | | | | | | |
Correct Answer:| the Yellow Book and the AICPA’s Professional Standards|
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Sunday, June 17, 2012 6:43:52 PM EDT


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