Statements regarding costs under federal awards


Question: Which of the following statements regarding costs under federal awards is not true? For major not-for-profit organizations and institutions of higher learning indirect costs must be classified within two broad categories termed "facilities" and "administration Only items of cost specifically mentioned in a grant, contract, or other agreement document are allowable. Several costs are allowable under highly restrictive conditions and generally require the explicit approval of the grantor agency. Direct costs are those that can be identified specifically with a particular cost objective.

 

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Accounting Basics: Statements regarding costs under federal awards
Reference No:- TGS03417761

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