MHA 706: MODULE 2 EXAM QUESTIONS AND ANSWERS WITH COMPLETE SOLUTIONS VERIFIED
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Course
MHA 706
Institution
MHA 706
MHA 706: MODULE 2 EXAM QUESTIONS AND ANSWERS WITH COMPLETE SOLUTIONS VERIFIED
Financial obligations
Liabilities represent claims against an organization's assets that are fixed by contract. In other words, liabilities are considered.
Going Concern: GAAP Assumption
Expense Matching: GAAP Princip...
Liabilities represent claims against an organization's assets that are fixed by contract. In
other words, liabilities are considered.
Going Concern: GAAP Assumption
Expense Matching: GAAP Principle
Materiality: GAAP Constraint
Generally Accepted Accounting Principles (GAAP) are said to be compromised of
assumptions, principles and constraints. Match the term to its appropriate category.
Going Concern
Expense Matching
Materiality
Operating Income
Is a measure of income generated from the "core" business of the organization
Net Income
Often referred to as the "bottom line"
Non-Operating Income
Reports income from activities not related to "core" business of the organization
Expenses
Represent the resources used to create revenues
Net patient service revenue
, Payments for services provided (after the provision for bad debts is considered)
Salaries and Benefits
Typically, the largest expense of a healthcare organization
Accrual Accounting
The reason why operating revenues may not represent the actual amount of cash
received. Recognizes incomes when a cash obligation is created
Securities and Exchange Commission (SEC)
Agency that has the legal authority to regulate the form and content of financial
statements of publicly traded companies
Generally Accepted Accounting Principles (GAAP)
A set of guidelines needed for the preparation of financial accounting statements
Cash Accounting
Recognizes income when cash is received
-Statement of Operations
-Statement of Revenues and Expenses
-Statement of Activities
Three other names for Income Statement:
-Statement of Cash Flows
-Balance Sheet
-Statement of Changes in Equity
-Income Statement
Financial accounting information is conveyed by a business's financial statements. The
four most important are:
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