An audit in accordance with the Single Audit Act does not involve reporting upon:
A. Internal control over operations.
B. Schedule of expenditures of federal awards.
C. Financial statements.
D. Compliance with provisions of laws that may have a direct and material effect on each major federal financial assistance program.
Answer: A
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Testing a new project on a smaller isolated area prior to installing it for the entire organization is an example of ________ a risk.
Fill in the blank(s) with the appropriate word(s).
A few expensive items of personal property may be insured for all risks at replacement cost with the addition of
A) a codicil. B) an umbrella clause. C) a floater. D) an endorsement.
Brewster, the chief executive officer of Cog & Gear Lubricants Corporation, wants to en-sure that Cog & Gear's activities are legal and ethical. The best course for Brewster and Cog & Gear is to act A) in good faith
B) out of ignorance of the law. C) ?with regard for the firm's shareholders only. D) in their own self-interest.
Bonds that can be redeemed at par at the option of their holders either at specific date after the date of issue and every 1 to 5 years thereafter or when and if the firm takes specified actions such as being acquired, acquiring another company, or
issuing a large amount of additional debt are called ________. A) zero coupon bonds B) junk bonds C) floating-rate bonds D) putable bonds