In the audit of a federal assistance program, a cost that appears to be in violation of a law or regulation is referred to as a:
A. Questioned Cost.
B. Single Audit Deviation.
C. Direct compliance cost.
D. Potentially fraudulent cost.
Answer: A
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Generally, organizations encourage voluntary turnover among top performers because it is inexpensive.
Answer the following statement true (T) or false (F)
The bonding of employees is an example of which feature of a good system of internal control?
a. Authorization of transactions b. Limited access to assets c. Sound personnel policies d. Separation of duties
A judgment regarding an entity's method of funding an investment is considered to be a(n) _______________________ decision
Fill in the blank(s) with correct word
Arnie Stoltz, a 16-year-old living in British Columbia, had had enough of high school. He approached Suzanne Vegan, a 55 year old master chef, to teach him how to be a chef
Suzanne charges $10,000 a year for the two year training program and agreed to allow Arnie to pay her the full amount one year after he completed the program. When Suzanne called on Arnie a year after he completed the training to collect the money, Arnie said he wouldn't pay a cent because he had been a minor when he signed the contract. Which of the following statements best describes Suzanne's legal position in this matter? A) Arnie must pay because he is no longer a minor. B) Arnie must pay because a minor must honour a contract for necessities (necessaries). C) An apprenticeship contract is considered a necessity (necessary) and can be enforced against Arnie. D) If Suzanne proves the apprenticeship contract was beneficial to Arnie he will have to pay a reasonable price for it. E) Suzanne must only prove the apprenticeship contract was to Arnie's benefit to get her money