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HSA 464 Midterm Exam – Questions And Answers
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HSA 464 Midterm Exam – Questions And Answers
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HSA 464 Midterm Exam – Questions And AnswersThe real key to understanding finance is Correct Ans - the elements
of finance and their relationship with each other
Managerial accounting is considered to be Correct Ans - both
prospective and retrospective
Inventory land cash and accounts receivable are all examples of
Correct Ans - assets
Net Worth Correct Ans - What the business is worth, net of
liabilities
What are the segments that make a healthcare financial system work
Correct Ans - original records, info systems, accounting systems,
reporting systems
Contractual allowances may be entered on the books of hospital and
private practice offices Correct Ans - true
Revenue flows into the organization (inflow) and is sometimes referred to
as the revenue Correct Ans - stream
In case of non-profit orgs, does the outflow of expenses increase or
decrease fund balance Correct Ans - decrease
Another term for responsibility center is Correct Ans - profit center
Direct costs can be traced while indirect costs have to be allocated
Correct Ans - true
If the full establish rate is $1000 and agreed upon contractual rate to be
paid is $800, then the $200 difference is recorded on the books of the
organization Correct Ans - contractual allowance
Contractual allowances are difference between agreed upon contractual
rate that will be paid and the full Correct Ans - established rate
, Expenses in their broadest sense are Correct Ans - Expired costs
consumed while carrying on business
Most frequent pattern of semi variable costs is the step pattern Correct
Ans - true
The contribution margin is computed by subtracting variable cost from net
revenues Correct Ans - true
If the contribution main is expressed as a percentage of net revenues, it is
often called Correct Ans - profit volume ratio
As number of patients goes up, fixed costs go Correct Ans - down
The break-even point is the point when the contribution margin equals
Correct Ans - fixed costs
Clinic pays flat monthly fee of $250 under 2 year contract for computer
services. The monthly fee for $250 is a fixed cost Correct Ans -
Book depreciation is the depreciation expense recorded in the financial
accounting records and reflected on the financial statements Correct
Ans - true
The statement of cash flows typically takes the basis statements and
converts them to a cash flow for a period through a series of reconciling
adjustments that account for the noncash amounts Correct Ans -
accrual
Average annual net income divided by original investment amount equals
Correct Ans - rate of return
Return on total assets may be computed as Correct Ans - earnings
before interest and taxes (EBIT) divided by total assets
Liquidity ratios measure long or short term sufficiency Correct Ans -
short term
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