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KNOWLEDGE CHECK

Single audit
Schedule of expenditures of federal awards

Single audit
Schedule of expenditures of federal awards

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* What basis of accounting should be used to prepare the schedule of expenditures of federal awards (SEFA)?

Based on the Uniform Guidance

The basis of accounting used in the auditee's financial statements.

The Uniform Guidance does not specifically prescribe the basis of accounting to be used by the auditee to prepare the SEFA.

Accrual basis.

Cash basis.

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