Author Question: For governments that expend less than 3 million of federal awards during a year, each federal ... (Read 35 times)

xroflmao · **on:** Jul 5, 2018

For governments that expend less than 3 million of federal awards during a year, each federal program under which it expended 300,000 or more is treated as a major federal program

a. Always.
b. If it is a high risk Type B program.
c. If it has not been audited as a major program in either of the two previous years.
d. Only if needed to meet the 50 test.

Question 2

On March 1, a company collects revenue in advance for the next twelve months and credits a liability account. The adjusting entry at year end on the work sheet would
a. increase a liability account
b. decrease an asset account
c. decrease a revenue account
d. decrease a liability account