Author Question: Which of the following statements concerning the identification of a Type A low-risk program is ... (Read 45 times)

mpobi80 · **on:** Jul 5, 2018

Which of the following statements concerning the identification of a Type A low-risk program is true?

A. A Type A program can be considered low-risk if it has been audited as a major program in one of the last two years, and the current year had no reportable audit findings.
B. A Type A program is low-risk if it was audited as a major program last year, whether or not there were any reportable audit findings.
C. A Type A program is low-risk if there were no audit findings within the last two years.
D. A Type A program can never be classified as low-risk.

Question 2

General obligation bonds were issued to finance a particular governmental capital project fund. This resource, in the context of its impact on fund balance, would be classified as

A. A nonspendable resource.
B. A restricted resource.
C. A committed resource.
D. An assigned resource.