2.3 Lesson 2 Quiz

There are _____ criteria that need to be met for Performance Standard 2: Administrative Capability

In order to meet the administrative capability of performance standard 2, ____ is the most important aspect.

Sponsors must have a well-thought-out management plan to successfully deliver CACFP benefits to participants and document their compliance with that plan by maintaining accurate records as required by CACFP regulations.

_____ sponsors must include oversight within their management plan to ensure that the policies and procedures document compliance with all regulations.

All sponsors must depend on their Financial Management system. That includes:

The purpose of GAAP (Generally Accepted Accounting Principles) is to ensure transparency and consistency between all sponsors.

There are six principal components of financial statements.

The sources for financial transactions are reported in the accounting system. Examples include:

Failing to ensure that all day care homes and centers take attendance or point of service meal counts will never result in significant financial losses.

In order to meet performance standard 2, administrative capability, sponsors must have program policies and procedures in writing, a well-thought-out management plan, an adequate number of qualified staff and policies in place to ensure compliance with civil rights standards.