45. The cognizant agency is: a) Appointed by the GAO. b) Reports to the OMB. c) Always the Department of Treasury d) Responsible for coordinating the audit 46. Which of the following would be subject to the Single Audit Act? An organization that a) Receives grants for federal assistance from 3 agencies totaling $2 million. b) Spends $800,000 from a federal assistance grant from the Dep't of Transportation. c) Spends $400,000 from federal assistance grants from 4 federal agencies. d) Spends $800,000 from federal assistance grants from 3 federal agencies. 47. Circular A-133, issued by the Office of Management and Budget: a) Applies only to state and local governmental units b) Applies only to not-for-profit organizations c) Applies to both. d) Applies to neither. 48. Which asset does not appear on the Boy Scouts of America 12/31/16 Statement of Financial Position: a) Investments b) Capital Assets c) Art Collections d) Pledges receivable 49. Performance audits are most commonly carried out by: a.) Internal auditors b.) GAO auditors c.) Independent CPAs d.) OMB personnel 50. The U.S, Governments Net Position (Assets minus Liabilities) is approximately: a) $3 trillion deficit b) $12 trillion deficit c) $19 trillion deficit d) $21 trillion deficit 51. Which of the following is not a required report of the Single Audit Aet? a) Schedule of Findings and Questioned Costs b) Report on the Performance Audit c) Report on Compliance and on Intemal Control over Financial Reporting d) Report on Compliance with Requirements of Major Programs