GAC Grant Accounting & Federal Compliance

Question 1

Which federal regulation serves as the primary unified framework governing the administration of federal awards to non-federal entities, consolidating multiple prior OMB circulars?

Accepted Answer

2 CFR Part 200 (Uniform Guidance)

Answer

OMB Circular A-133

Answer

Federal Acquisition Regulation (FAR)

Answer

Government Accountability Office Standards

Question 2

What is a 'pass-through entity' in the context of federal grant management?

Accepted Answer

A non-federal entity that receives a federal award and provides subawards to subrecipients

Answer

A federal agency that distributes grants directly to individuals

Answer

An auditing firm that reviews federal grant expenditures

Answer

A contractor that performs work under a federal prime grant

Question 3

Under 2 CFR Part 200, costs charged to federal awards must satisfy which three basic cost principles?

Accepted Answer

Allowable, allocable, and reasonable

Answer

Documented, budgeted, and approved

Answer

Consistent, compliant, and competitive

Answer

Audited, reviewed, and certified

Question 4

What is the Catalog of Federal Domestic Assistance (CFDA), now known as Assistance Listings on SAM.gov?

Accepted Answer

A government-wide database identifying all federal assistance programs by unique program numbers

Answer

A register of all federal contractors and vendors approved for grant work

Answer

A list of approved indirect cost rates for federal grantees

Answer

An audit database tracking federal grant expenditures nationwide

Question 5

Under 2 CFR Part 200, how is a 'subrecipient' distinguished from a 'contractor'?

Accepted Answer

A subrecipient carries out part of the federal program's purpose via a subaward, while a contractor provides goods or services for the recipient's own use

Answer

A subrecipient performs commercial work for the recipient, while a contractor carries out the program mission

Answer

A subrecipient must be a governmental entity, while a contractor may be a private company

Answer

A subrecipient receives more than $25,000, while a contractor receives less

Question 6

Which document formally establishes the legal relationship, terms, and conditions between a federal awarding agency and a grant recipient?

Accepted Answer

Federal Award Agreement

Answer

Notice of Funding Opportunity (NOFO)

Answer

Budget Narrative and Justification

Answer

Request for Proposal (RFP)

Question 7

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

Accepted Answer

To list all federal awards received and expended during the fiscal year as the basis for Single Audit determination

Answer

To record all federal grant applications submitted during the fiscal year

Answer

To summarize indirect costs charged to federal programs by cost pool

Answer

To document a recipient's subrecipient monitoring activities and findings