CGFO Grant Management & Federal Compliance 1

Question 1

What federal regulation primarily governs the administrative requirements, cost principles, and audit requirements for federal awards to non-federal entities?

Accepted Answer

2 CFR Part 200 (Uniform Guidance)

Answer

2 CFR Part 200, known as the Uniform Guidance, superseded multiple OMB circulars and is the primary regulation governing federal award management for non-federal entities.

Question 2

Under 2 CFR Part 200, what is the annual federal expenditure threshold that triggers a Single Audit requirement?

Accepted Answer

$750,000 in federal expenditures

Answer

The Single Audit threshold is $750,000 in federal award expenditures in a fiscal year, as established by the Uniform Guidance when it replaced OMB Circular A-133.

Question 3

What is the primary purpose of the Schedule of Expenditures of Federal Awards (SEFA)?

Accepted Answer

To list all federal awards expended during the fiscal year for single audit purposes

Answer

The SEFA lists all federal awards expended by the entity during the fiscal year and is a required element of the single audit reporting package.

Question 4

Under Uniform Guidance, which of the following is NOT one of the basic criteria required for a cost to be allowable under a federal award?

Accepted Answer

The cost must receive prior written approval from the federal agency

Answer

Allowable costs must be reasonable, allocable, and consistently treated, but blanket prior federal agency approval is not a basic criterion — it is only required for specific designated cost types.

Question 5

In federal grant management, what does the term 'allocable cost' mean?

Accepted Answer

A cost that benefits the federal award and can be assigned to it in reasonable proportion to the benefit received

Answer

An allocable cost is one that benefits the federal award in proportion to the benefit received and can be assigned to that award on a reasonable, consistent basis.

(CGFO) Certified Government Finance Officer Practice Test

(CGFO) Certified Government Finance Officer Practice Test

CGFO Grant Management & Federal Compliance 1