A discretionary grant is characterized by a:

A. transfer of funds based upon a formula.

B. transfer of funds for broadly-defined purposes.

C. transfer of funds for specific purposes.

D. voluntary contribution that confers no rights nor benefits to the giver.

Upon completion of a performance audit the auditee will be provided with a report that includes the audit objectives, methodology, results and:

A. special purpose reports.

B. test of internal controls.

C. audit documentation.

D. audit scope.

The objective of financial and non-financial performance measures is to:

A. demonstrate probity and legality in the handling of public funds.

B. demonstrate taxpayer preference in allocation of funds.

C. assess policy and reasonableness of budget allocation.

D. assess government performance and program accountability.

GAAP requires that the fees for enterprise fund services like water, sewer, and electricity offset costs. As a policy decision, governing board members choose among four water and sewer rate structures. Those are all EXCEPT:

A. Declining Block and Seasonal Rate

B. Changing Rate

C. Ascending block

D. None of these

If a building originally valued at $160,000 appreciates to $300,000 and is insured by an 80% coinsurance clause, then 80% of the value ($320,000) must be insured. If the building is still insured at only $160,000 and a $100,000 loss occurs, the loss would be:

A. $ 40,000

B. $50,000

C. $44,000

D. $60,000

A way to transfer risks is by joining a pool. Pools like those offered by leagues of municipalities and associations of country commissioners provide an array of services, including:

A. Safety environment

B. Contract review

C. Claims and underwriting services

D. All of these

Which of the following is NOT included in RFPs (Request for proposals) regarding audit?

A. Scope of work

B. Compensations and Terms of payment

C. Selection Criteria

D. Services furnished to the Auditor

A 275-day T-bill was purchased at a 0.6% discount and was sold at an 8.50% discount after a 30-day holding period. What is the yield?

A. 10.32

B. 10.21

C. 10.00

D. None of these

In issuing bonds, Governments usually take following steps EXCEPT:

A. Compensation balance

B. Decision on the advisability of issuing debt

C. How to finance the debt

D. Preparation, selling and administration of repayments.

To issue bonds, a government depends on many specialists including:

A. Consulting engineer

B. Financial adviser

C. Bond counsel

D. All of these