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,Health Care Finance and the Mechanics of Insurance and Reimbursement, Third Edition
Michael Harrington, MATS, MSHA, RHIA, CHP
Test Bank
Import Settings:
Base Settings: Brownstone Default
Information Field: Complexity
Information Field: Ahead
Information Field: Subject
Information Field: Title
Highest Answer Letter: E
Multiple Keywords in Same Paragraph: No
NAS ISBN13: XXXXXXXXXXXXX, add to Ahead, Title tags
Chapter: Chapter 01 - Quiz
Multiple Choice
1. The Federal Accounting Standards Advisory Board mission is that it serves the _______________
interest by improving federal financial reporting through issuing federal financial accounting standards.
A) private
B) federal government
C) public
D) business
Ans: C
Complexity: Easy
Ahead: Accounting Authorities
Subject: Chapter 1
Title: Introduction to Healthcare Finance
2. _________________ establishes “the measurement of economic activity, time when such
measurements are to be made and recorded, disclosures surrounding this activity, and preparation and
presentation of summarized economic information in the form of financial statements.”
A) A financial statement
B) FASAB
C) GAAP
D) All of these are correct.
E) None of these is correct.
Ans: C
Complexity: Easy
Ahead: Accounting Authorities
Subject: Chapter 1
Title: Introduction to Healthcare Finance
3. According to GAAP, there are two categories of accounting principles: recognition and:
A) disclosure.
B) preparation.
C) auditing.
D) budgeting.
,Health Care Finance and the Mechanics of Insurance and Reimbursement, Third Edition
Michael Harrington, MATS, MSHA, RHIA, CHP
Test Bank
Ans: A
Complexity: Easy
Ahead: Accounting Authorities
Subject: Chapter 1
Title: Introduction to Healthcare Finance
4. _______________ ultimately supports the recognition principles in that assumptions are explained that
are part of the numeric information; these provide additional information to the person reading the
financial reports.
A) Auditing
B) A financial statement
C) Disclosure
D) GAAP
Ans: C
Complexity: Easy
Ahead: Accounting Authorities
Subject: Chapter 1
Title: Introduction to Healthcare Finance
5. Deposits in a bank may be guaranteed by the federal government; however, ____________________
can pose a risk for losing value.
A) stocks
B) bonds
C) other types of securities
D) All of these are correct.
E) None of these is correct.
Ans: D
Complexity: Moderate
Ahead: Accounting Authorities
Subject: Chapter 1
Title: Introduction to Healthcare Finance
6. The responsibility of the SEC is to ____________ and ____________ federal securities laws, issue
new and amend existing rules, oversee the inspection of securities firms, oversee private regulatory
organizations, and coordinate regulations with federal, state, and foreign authorities.
A) interpret, enforce
B) initialize, revise
C) audit, edit
D) oversee, govern
Ans: A
Complexity: Easy
Ahead: Accounting Authorities
Subject: Chapter 1
Title: Introduction to Healthcare Finance
7. The objective of effective financial reporting is to provide information in a(n) ____________ manner
that will assist in making decisions regarding the allocation of resources for the organization.
, Health Care Finance and the Mechanics of Insurance and Reimbursement, Third Edition
Michael Harrington, MATS, MSHA, RHIA, CHP
Test Bank
A) timely
B) efficient
C) Both timely and efficient
D) None of these is correct.
Ans: C
Complexity: Moderate
Ahead: Objectives for Financial Reporting
Subject: Chapter 1
Title: Introduction to Healthcare Finance
8. When an organization uses the ___________ accounting method, it will be a better indicator of future
cash flows and overall performance than using current cash receipts and disbursements.
A) accrual
B) financial
C) cash
D) general
Ans: A
Complexity: Easy
Ahead: Objectives for Financial Reporting
Subject: Chapter 1
Title: Introduction to Healthcare Finance
9. _________________________ is where financial statements demonstrate the important financial
relationships of the organization itself.
A) Relevance of information
B) Faithful representation
C) Complete representation
D) Usefulness for decision making
Ans: B
Complexity: Easy
Ahead: Objectives for Financial Reporting
Subject: Chapter 1
Title: Introduction to Healthcare Finance
10. _________________________ is where accounting information is a tool to communicate without
providing any influence that would sway a decision in a particular direction or that would favor a particular
interest group.
A) Relevance of information
B) Faithful representation
C) Neutrality
D) Usefulness for decision making
Ans: C
Complexity: Easy
Ahead: Objectives for Financial Reporting
Subject: Chapter 1
Title: Introduction to Healthcare Finance
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