Question 1

1pts

A financial ratio that measures the availability of cash generated to meet current liabilities on debt outstanding is ________.

Group of answer choices

leverage ratio

quick ratio

coverage ratio

debt per capita

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Question 2

1pts

The 10-member board tasked with the development and recommendation of accounting standards for the federal government is the ________.

Group of answer choices

Office of Management and Budget

Federal Accounting Standards Advisory Board

Governmental Accounting Standards Board

Government Accountability Office

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Question 3

1pts

A state and local government that spends at least ________ of federal funds in a fiscal year would come under the jurisdiction of the Single Audit Act.

Group of answer choices

$50,000,000

$500,000

$750,000

$1,000,000

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Question 4

1pts

Which of the following statements about the balance sheet of a federal agency isnottrue?

Group of answer choices

The result of computing assets minus liabilities is called "net assets."

Assets are classified as "intragovernmental" and "other."

The balance sheet is prepared using accrual accounting.

Cash balances do not appear on the balance sheet for most agencies.

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Question 5

1pts

A spending bill which has been passed by Congress and signed by the President is called an ________.

Group of answer choices

allotment

appropriation

apportionment

obligation

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Question 6

1pts

Organizations with 501(c)(3) status are prohibited from ________.

Group of answer choices

generating a profit from its operations

rolling profits over to the next year

endorsing a political candidate or attempting to influence legislation

none of the above, all are permitted

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Question 7

1pts

Which entity was not involved in the formation of the Federal Accounting Standards Advisory Board (FASAB)?

Group of answer choices

Office of Management and Budget

Department of the Treasury

Government Accountability Office

Government Accounting Standards Board

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Question 8

1pts

Who audits the federal government financial statements?

Group of answer choices

Department of the Treasury

Office of Management and Budget

Government Accountability Office

Government Accounting Standards Board

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Question 9

1pts

Which governing body is part of the executive branch of the federal government?

Group of answer choices

Federal Accounting Standards Advisory Board

Department of the Treasury

Office of Management and Budget

Government Accountability Office

Both b and c

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Question 10

1pts

Which of the following isnottrue regarding tax-exempt entities?

Group of answer choices

Organizations must apply to the IRS to receive 501(c)(3) status.

Not-for-profit 501(c)(3) organizations must file an information return with the IRS once a year.

The program service expense ratio must be at least 75% to have tax-exempt status.

Churches have no information filing requirements.