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| | | | | Question 2 0 out of 4 points | | | In reporting the results of a performance audit, it is appropriate for the auditors toAnswer | | | | | | | Correct Answer:| all of the above.| | | | | 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| | | | | Question 4 4 out of 4 points | | | The Yellow Book’s general standards are issued by theAnswer | | | | | Selected Answer:| GAO| Correct Answer:| GAO| | | | | 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.| | | | | 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| | | | | 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| | | | | Question 8 4 out of 4 points | | | The process of specifically directing federal funds to a particular program is called:Answer | | | | | Selected Answer:| earmarking| Correct Answer:| earmarking| | | | | 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| | | | | 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| | | | | 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| | | | | Question 12 4 out of 4 points | | | 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| | | | | Question 13 4 out of 4 points | | | Which of the following is not a General Auditing Standard for financial audits?Answer | | | | | Selected Answer:| financial stability| Correct Answer:| financial stability| | | | | 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| | | | | Question 15 0 out of 4 points | | | ‘‘Generally accepted government auditing standards’’ (GAGAS) refers to standards incorporated inAnswer | | | | | | | Correct Answer:| the Yellow Book and the AICPA’s Professional Standards| | | | | Sunday, June 17, 2012 6:43:52 PM EDT