100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Previously searched by you
Previously searched by you
logo
Lab Management Final Pt 2 Questions and Answers $12.99
Add to cart
Quickly navigate to
Preview
  2.  
  3. Laboratory Management
  4.  
  5. Laboratory management

Exam (elaborations)

Lab Management Final Pt 2 Questions and Answers
 7 views  0 purchase
  • Course
  • Laboratory management
  • Institution
  • Laboratory Management

Lab Management Final Pt 2 Questions and Answers ________ is a system for providing an analysis or forecast of information to be used in financial decision making. Cost accounting What type of costs are administrative salaries? Fixed Costs What type of costs is related to Reagents? ...

[Show more]

Preview 2 out of 10  pages

Document information

  • December 26, 2024
  • 10
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

  • lab management final pt 2 questions and answers
  • is a system for providing an analysis or
  • what type of costs are administrative salaries fi

Written for

  • Laboratory management
  • Laboratory management

Seller

avatar-seller
Pogba119

Reviews received

Content preview

Lab Management Final Pt 2 Questions
and Answers
________ is a system for providing an analysis or forecast of information to be used in
financial decision making. - answer Cost accounting

What type of costs are administrative salaries? - answer Fixed Costs

What type of costs is related to Reagents? - answer Variable costs

What type of costs are associated with Equipment? - answer Semi-variable costs

Rent is classified as what type of cost? - answer Fixed costs

Leases are classified in what category of costs? - answer Fixed Costs

Pipettes costs would fall into which category? - answer Variable Costs

A laboratory's utilities cost would be classified as what type of cost? - answer Semi-
variable costs

The sum of both fixed and variable costs divided by the number of tests. - answer
Unit Cost

A financial statement that represents the financial position of an organization at a
particular point in time, usually at the end of an accounting period, and represents the
organization's assets, liabilities, and equity is called: - answer Balance Sheet

A document indicating what has transpired financially within the organization over a
period of time, usually monthly or yearly - answer Income Statement

Another common name for Cost-Volume-Profit (CVP) analysis is: - answer
Breakeven

A financial plan for allocating funds to cover the expenditures - answer Budget

Which of the following takes and analyzes the necessary financial data to make it useful
for budgeting, decision-making and organizational evaluation? - answer Managerial
Accounting

Which of the following is the primary source of information for the organization,
capturing the necessary data on revenues, assets and liabilities? - answer Financial
Accounting

, In __________________ systems, revenues are recognized or reflected in an income
statement when they are earned, not when they are collected. Expenses are recognized
when they are incurred, not when they are paid. - answer Accrual Accounting

Which ratios are used to determine the organization's ability to meet short-term debt
obligations? - answer Liquidity Ratios

Which common financial ratio measures profitability and is calculated using this formula:
Net Income ÷ Average Equity ? - answer Return on investment

The ______________ indicates the time it will take to generate the incoming revenue to
compensate for the money paid out for the equipment (outgoing asset). - answer
Payback Period

Which of the following factors increase profit margin?

- automation, decreasing discretionary costs, eliminating obsolete and redundant
services
- testing, increasing collections of billed revenue, decreasing direct costs
- a and b
- None of the above - answer a and b

________________, also called cost accounting, is the analysis of cost and revenue
data that provides information on operations and budgeting for managers. - answer
Managerial Accounting

Accounting that is made available to regulatory, government, and private accounting
firms for both informational purposes and to meet regulatory requirement is
______________. - answer Public Accounting

Information generated through management accounting in all departments of a hospital
is then collated and evaluated by the Department of Finance, which generates financial
records, and forecasts and performs strategic planning for the entire entity. These
activities are called: - answer Financial accounting

The break-even point is the point at which there is _______________from performing a
test; the total of all fixed and variable costs equals the amount of revenue generated by
the test. - answer No profit or loss

The _____________ is determined by dividing the fixed costs plus the dollar amount of
the profit expected per test by the revenues generated minus the total variable expense.
- answer Break-even point

Cleaning the probe of an instrument would be categorized as a: - answer Non-
billable procedure

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller Pogba119. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $12.99. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

51683 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 15 years now

Start selling
$12.99
  • (0)
Add to cart
Added