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Q:
a mortgage payable: a. is recognized as a liability b. typically has a portion recorded as a short term payable c. typically has a larger portion recorded as a long term payable d. may be recognized as an other asset e. a & b f. a & c g. a & d h. a, b & c
Q:
the original cost, or historical cost, of buildings and equipment is reduced by: a. accumulated depreciation b. accumulated liabilities c. reserve for amortization d. none of the above
Q:
buildings and equipment are typically stated at a net figure called: a. book value b. long term value c. historical value d. none of the above
Q:
payroll taxes withheld are: a. a liability b. an asset c. due to be paid to the government d. a & c e. b & c
Q:
the accounting equation that reflects a relationship is often described as assets equal liabilities plus net worth. can the equation assets equal liabilities plus fund balance also be correct? a. yes, if used by the proper organization b. no, it is not appropriate c. not applicable
Q:
the accounting equation that reflects a relationship is often described as assets equal liabilities plus net worth. is the equation assets equal liabilities plus owners equity also appropriate and correct? a. yes b. no c. dont know
Q:
the green tree nursing facility possesses another note receivable in the amount of $9,000. this note will be paid in three installments: $3,000 in six months, $3,000 in eighteen months, and the remaining $3,000 in twenty-four months. the accountant will record this note receivable as follows: a. current, or short-term asset of $9,000 b. long term asset of $9,000 c. current asset of $3,000 and long term asset of $6,000 d. current asset of $6,000 and long term asset of $3,000 e. none of the above
Q:
the green tree nursing facility possesses a note receivable in the amount of $12,000. the note will not be paid until mrs. jones estate is settled, and her attorneys have informed green trees accountant that payment cannot be expected before, at the earliest, eighteen months from now. consequently the accountant will record this note receivable as a: a. current, or short-term asset b. long term asset c. long term liability d. none of the above
Q:
creditors are those: a. to whom debts are due b. who hold equity in the organization c. neither of the above
Q:
liabilities may be called: a. insider claims b. outsider claims c. either of the above d. neither of the above
Q:
an organizations economic resources may also include: a. inventory on hand b. cash on hand c. buildings d. a & b e. a & c f. b & c g. all of the above
Q:
an organizations economic resources include: a. accounts receivable b. notes receivable c. notes payable d. a & b e. a & c f. b & c g. none of the above
Q:
all types of business receivables are assets: a. correct b. not correct c. not applicable
Q:
if a balance sheet contains the terms capital stock and retained earnings, then we can deduce that the organization is a for-profit: a. sole proprietor b. partnership c. corporation d. none of the above
Q:
by their definition not-for-profit organizations should not have equity. a. correct b. not correct c. not applicable to not-for-profits
Q:
the term fund balance may be properly used by a: a. not-for-profit organization b. u.s. governmental entity c. for-profit corporation d. for-profit sole proprietor e. a & b f. c & d g. none of the above
Q:
an owner has: a. a claim to the entitys assets b. a claim to the entitys liabilities c. invested in the business d. a & b e. a & c f. b & c g. all of the above
Q:
net worth is: a. what the business is worth b. what the business is worth, net of liabilities c. what the business is worth, net of receivables d. none of the above
Q:
liabilities are: a. economic obligations b. what the organization owns c. debts that are payable d. what the organization owes e. a & c f. b & c g. a, c & d h. none of the above
Q:
assets are: a. what the organization owns and/or controls b. what the organization owes c. economic resources with expected future benefits d. economic obligations e. a & c f. a & d g. b & d h. none of the above
Q:
the language of finance includes: a. assets, liabilities and net worth b. english, french and spanish c. books about finance d. a & b e. a & c f. b & c g. none of the above
Q:
the amount owed to vendors: a. is a liability b. is recognized as accounts payable c. is recognized as accounts receivable d. a & b e. a & c f. b & c
Q:
examples of assets include: a. inventory b. land c. accounts receivable d. cash e. all of the above
Q:
if a note payable is going to be paid over a three-year period, the liability may be classified as: a. short-term b. long-term c. both short-term and long-term
Q:
all transactions for the period reside in the __________.
Q:
the books and records of the financial information system for the organization serve to __________.
Q:
the four segments that make a financial system work include the original records, the information system, the accounting system, and the __________ system.
Q:
flowsheets illustrate the flow of activities that capture __________.
Q:
when communicating financial information effectively to others, it is important to place extensive detail within the body of the report.
Q:
flowsheets are useful because they portray who is responsible for what piece of information as it exits the system.
Q:
most organizations have a 12-month reporting period known as a fiscal year. anything less than a full 12-month year is called a "stub period" and is fully spelled out in the heading of the report.
Q:
quarterly reports and statistics are called "interim reports" and generally contain raw data.
Q:
of the four segments that make a financial management system work, the reporting system provides evidence that some event has occurred.
Q:
one output from the clinical and financial data repository is insurance verification for patients through an electronic data information link to insurance company databases.
Q:
in summary, the chart of accounts: a. is a map that the financial manager must and should understand b. can be infinitely customized for an organizations purposes c. has generic examples available for reference purposes d. a & b e. a & c f. b & c g. all of the above
Q:
mountain view nursing facility uses a chart of accounts format that is made up of three sets of digits. the first set of digits represents the financial statement element, the second is for a primary subclassification and the third is for a secondary subclassification. to which of these three sets of digits would petty cash for the front office belong? the: a. financial statement element b. primary subclassification c. secondary subclassification d. none of the above
Q:
joseph, an rn in the emergency room of sample hospital, begins his saturday night shift by punching his time card into the machine by the employee entrance. from what you understand about the four segments that make a healthcare system work, where does josephs time card belong? in the: a. original records segment b. information system segment c. accounting system segment d. reporting system segment e. none of the above
Q:
when a patient information flowsheet illustrates the flow resulting from deficient data, which of these causes and consequences may apply? a. one cause may be a bad address on the billing statement b. one consequence is that the payer rejects the bill c. another consequence is that the provider does not receive payment d. a good financial manager may recognize the significance of this flow and correct the cause e. a, b & c f. all of the above
Q:
by illustrating information flow, flowsheets answer which of the following questions? a. what is the specific piece of information? b. who is initially responsible for this piece of information? c. how does the information enter the system? d. all of the above e. none of the above
Q:
the concept of flowsheets explains and illustrates the flow of: a. activities b. accounts receivable c. accounts payable d. a & b e. a & c f. b & c g. all of the above
Q:
inputs into the systems ambulatory care setting data repository (as described in the previous question) include the following: a. scheduling system data b. outpatient financial information c. inpatient financial information, if relevant d. inpatient care plan information, if relevant e. a & b f. a, b & c g. a, b & d h. all of the above
Q:
the text illustrates the information system components for an ambulatory care setting that uses a clinical and financial data repository (both clinical and financial data are fed into the same information system). links to this system are explained as follows: a. the electronic data information (edi) link to insurance company databases is a system output -yes b. the electronic data information (edi) link to insurance company databases is a system input -no c. an automated medical record link provides additional input -yes d. a & c e. b & c f. none of the above
Q:
subsidiary journals include the: a. trial balance b. general ledger c. payroll journal d. any of the above e. none of the above
Q:
all transactions for the period reside in the: a. general ledger b. cash receipts and cash disbursements journals c. accounts receivable and accounts payable journals d. a & b e. a & c f. b & c g. none of the above
Q:
actions affecting the general ledger include: a. statements reflecting transactions are created b. groups of transactions are gathered and summarized c. adjusted and reviewed transactions for the period are balanced d. a & b e. a & c f. b & c g. none of the above
Q:
actions affecting subsidiary journals include: a. individual transactions are recorded b. groups of transactions are gathered and summarized c. similar transactions are grouped and balanced d. a & b e. a & c f. b & c g. none of the above
Q:
the individual transaction: a. creates the original record b. is recorded into a subsidiary journal c. ends the progress of a transaction information flow d. a & b e. a & c f. b & c g. none of the above
Q:
if the heading on a report reads for the three-month period ended december 31, we know that the report covers a: a. fiscal year b. stub year c. stub period d. a & b e. a & c f. b & c g. none of the above
Q:
if the heading on a report reads for the year ended june 30, we can assume that the report covers a: a. fiscal year b. full twelve-month period c. stub period d. a & b e. a & c f. b & c g. none of the above
Q:
the primary purpose of annual year-end reports is to report the organizations operations for the period to: a. outsiders or third parties b. the organizations managers c. both of the above d. either of the above
Q:
within the annual management cycle, annual year-end reports will: a. allow the closing out of the information system so a new cycle can begin with the new year b. report the end of a specific reporting period continue the information systems reporting cycle into a new year rather than closing it out c. a & b d. a & c e. b & c f. none of the above
Q:
interim reports: a. are generated some time during the organizations reporting period b. are generated at the end of the organizations reporting period c. have been verified, adjusted and balanced d. have been verified and adjusted but not yet balanced e. a & c only f. a & d only g. b & c only h. b & d only
Q:
quarterly reports: a. are often used by managers as milestones b. may take the form of a quarterly budget review c. have been verified but have not yet been balanced d. a & b e. a & c f. b & c g. none of the above
Q:
raw data will typically appear in the organizations: a. quarterly report b. annual year-end report c. quarterly statistics d. a & b e. a & c f. b & c g. none of the above
Q:
within the annual management cycle, raw data: a. is typically operating information b. is unadjusted c. has been adjusted and verified d. a & b e. a & c f. none of the above
Q:
of the four segments that make a healthcare financial system work, which one reports about the effect occurring from an event? a. the original records b. the information system c. the accounting system d. the reporting system e. any of the above
Q:
of the four segments that make a healthcare financial system work, which segment records evidence that an event has occurred? a. the accounting system b the reporting system c. the original records d. the information system e. any of the above
Q:
when creating a report to communicate financial information, the manager should: a. organize the body of the report in a logical flow b. place extensive detail in the body of the report c. place the executive summary in the appendix d. a & b e. a & c f. b & c g. all of the above
Q:
when creating a report to communicate financial information, the manager must typically use a standard format that: a. is used by a healthcare trade organization b. is accepted in the accounting profession c. uses terminology that is accepted in your area of the healthcare industry d. a & b e. a & c f. b & c g. all of the above
Q:
regarding healthcare financial systems, the knowledgeable manager should be able to: a. understand that four separate segments of a system exist b. recognize how the segments fit together within a particular organization c. recognize where his or her duties fit within these segments d. be able to make executive decisions concerning a particular segment e. a, b & c f. a, b & d g. a, c & d h. all of the above
Q:
of the four segments that make a healthcare financial system work, which segment gathers evidence that an event has occurred? a. the original records b. the information system c. the accounting system d. the reporting system e. any of the above
Q:
of the four segments that make a healthcare financial system work, which segment provides evidence that an event has occurred? a. the reporting system b. the accounting system c. the original records d. the information system e. any of the above
Q:
a chart of accounts format can contain: a. 3 items b. 5 items c. 4 items d. any of the above
Q:
the chart of accounts: a. outlines the elements of your company in an organized manner b. maps out account titles with a method of numeric coding c. is designed to compile financial data in a uniform manner that can be de-coded by the user d. all of the above e. (a) and (b) only
Q:
the purpose of one element of financial management is to ensure effective resource use and provide daily supervision. which element is this?
Q:
the healthcare industry is a ________ industry.
Q:
managerial accounting is prospective as well as retrospective.
Q:
managerial accounting is primarily for third party or outside use.
Q:
the purpose of an organization chart is to indicate how responsibility is assigned to managers and to certain outside third parties.
Q:
government organization types may include the following: federal; city-county; churches; and/or state universities
Q:
of the four elements of financial management, the planning element makes sure each area of the organization is following the plans that have been established.
Q:
the healthcare industrys essential business is the delivery of healthcare services.
Q:
management as a discipline for educational purposes did not begin in the united states until after 1900 .
Q:
much of the strategic planning for the organization is performed by managers with a financial view of the organization.
Q:
managers within health care organizations must have one of two views: either financial or process.
Q:
the composition of an organization chart can be described as follows: a. each box on the chart represents a particular area of management responsibility b. each line between the boxes represents a line of authority c. the overall composition of the chart shows the degree of centralization or decentralization within the organization d. a & b e. a & c f. b & c g. all of the above
Q:
the purpose of an organization chart includes: a. indicating how responsibility is assigned to managers b. illustrating the structure of the organization c. designating the formal lines of communication among and between external stakeholders d. a & b e. a & c f. b & c g. all of the above
Q:
a hospital taxing district and a state university with an affiliated teaching hospital can both be described as: a. government entities b. voluntary entities c. entities that pay no income tax d. entities that must pay income tax e. a & c f. b & c g. a & d h. b & d
Q:
proprietary entity subgroups include: a. voluntary entities b. government entities c. entities that pay no income tax d. a & b e. a & c f. b & c g. none of the above
Q:
the basic types of healthcare organizations may be described as: a. profit-oriented b. nonprofit oriented c. foundations that comply with all legal requirements d. a & b e. a & c f. b & c g. none of the above