CBA Quality Assurance & Compliance 3

Question 1

Which OMB circular establishes requirements for grants management and single audits of non-federal entities receiving federal funds?

Accepted Answer

2 CFR Part 200 (Uniform Guidance)

Answer

2 CFR Part 200, known as the Uniform Guidance, consolidates federal grant requirements and establishes the single audit threshold and requirements for non-federal entities.

Question 2

What is the single audit threshold under the Uniform Guidance (2 CFR Part 200) that triggers audit requirements for non-federal entities?

Accepted Answer

$750,000 in federal expenditures per year

Answer

Non-federal entities that expend $750,000 or more in federal awards during a fiscal year are required to obtain a single audit or program-specific audit.

Question 3

In the context of federal budget compliance, what does 'bona fide need' doctrine require?

Accepted Answer

Funds may only be obligated for needs arising within the period of availability

Answer

The bona fide need rule requires that appropriations be used only for needs that exist during the period for which they were appropriated, preventing agencies from obligating funds for future-year needs.

Question 4

Which document serves as the primary vehicle for agencies to communicate budget execution data to OMB on a monthly basis?

Accepted Answer

SF-133 Report on Budget Execution and Budgetary Resources

Answer

The SF-133 is the standard form agencies use to report monthly budget execution data to OMB, showing status of budgetary resources.

Question 5

A 'continuing resolution' that limits agency spending to the prior year's rate means an agency receives which type of apportionment?

Accepted Answer

Time-based apportionment at a pro-rated share of prior year enacted levels

Answer

Under a continuing resolution, agencies typically receive time-based apportionments that limit spending to a prorated portion of the prior year's enacted appropriation.

(CBA) Certified Budget Analyst Practice Test

(CBA) Certified Budget Analyst Practice Test

CBA Quality Assurance & Compliance 3