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HSA126 Accounting Exam with complete solutions 2024_2025
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HSA126 Accounting Exam with complete solutions 2024_2025
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HSA126 Accounting Exam with completesolutions 2024/2025
Managerial Accounting - ANSWER-Focuses on internal decision-making,
planning, and control. Provides detailed and specific reports for management use
Financial Accounting - ANSWER-Focuses on external reporting and compliance.
Produces standardized reports such as balance sheets and income statements
for external stakeholders
Short-term Liabilities - ANSWER-Obligations due within one year (e.g., accounts
payable, short-term loans)
Long-term Liabilities - ANSWER-Obligations due after more than one year (e.g.,
long-term loans, bonds payable).
Contractual Allowance: - ANSWER-The difference between the amount billed by a
provider and the amount that will be paid by third-party payers (e.g., insurance
companies). This is a discount negotiated with payers.
Equity - ANSWER-In for-profit entities, it refers to ownership interest (e.g.,
common and preferred stock). It is the value of the organization to its owners.
The proportion of the assets available after all liabilities have been paid.
Net Assets - ANSWER-In not-for-profit entities, it represents the residual interest
in the assets of the organization after deducting liabilities. The remaining balance
after liabilities are subtracted from assets. Net worth or its total book value.
Cash Accounting - ANSWER-Records transactions when cash changes hands
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