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Exam (elaborations)

HCAD 375 Exam 1 Questions & Answers 2024/2025
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  • HCAD 375
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  • HCAD 375

HCAD 375 Exam 1 Questions & Answers 2024/2025 Value = - ANSWERSQuality / Price Goals of financial management - ANSWERS- Make organizations work more effectively - Revenue --> Facility --> Expenses How do financial management goals work in a health care organization - ANSWERS•Un...

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  • October 16, 2024
  • 24
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • hcad 375 exam 1 questions answers

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  • HCAD 375
  • HCAD 375

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HCAD 375 Exam 1 Questions & Answers
2024/2025

Value = - ANSWERSQuality / Price



Goals of financial management - ANSWERS- Make organizations work more effectively

- Revenue --> Facility --> Expenses



How do financial management goals work in a health care organization - ANSWERS•Understand how
various elements of finance fit together

•Understand various pieces and their relationship to each other.



Managers viewpoint - ANSWERSProcess

financial

clinical



4 elements of financial management - ANSWERS-Planning

•Identify steps that must be taken to accomplish and organizations objectives

-Controlling

•Make sure that each area of the organization is following the plans that have been established

-Organizing and directing

•Decide how to use organizational resources to most effectively carry out established plans

-Decision Making

•Make choices among available alternatives



Profit-oriented - ANSWERS(aka "proprietary)

- pay all taxes

- Corporations, partnerships, or individuals

,Non-profit-orientated - ANSWERS(aka "not-for-profit)

- do not pay income, proper, or sales taxes (do pay payroll taxes)

- Voluntary or government

> Stand-alone or part of a larger organization



Organizational charts illustrate what? - ANSWERS•Structure

•Degree of centralization

•Responsibility of managers

•Formal lines of communication and reporting



Two types of accounting - ANSWERSFinancial

Managerial



Financial accounting - ANSWERS•Generally, for outside, or third-party, use

•Emphasizes external reporting

•Must use GAAP

•Retrospective

•Records transactions

•Classifies transactions

•Reconciles records

•Summarizes transactions

•Presents financial data



Managerial accounting - ANSWERS•Generally, for inside, or internal, use

•Used by managers

•Not bound by GAAP

•Prospective as well as retrospective

•Compares results against goals

, •Determines reasons for variations

•Helps identify corrective action

•Forecasting and planning

•Analyses information



Information systems - ANSWERSGathers the evidence



accounting system - ANSWERSrecords the evidence



reporting system - ANSWERSproduces reports of the effects



Structure of the information system - ANSWERS-identify the inputs

-identify the outputs



Flow sheet illustrates - ANSWERS-Flow of activities that capture information

-Who is responsible for what information as it enters the system



Role of the journal and ledger - ANSWERSRecording and reporting financial transactions



Sequence of a journal or ledger - ANSWERS•Record transactions chronologically in journals

•Periodically summarize transactions by account into ledger

•Review, adjust, balance through the trial

•Create reports (financial statements)



Subsidiary journal example - ANSWERS•Cash recipients journal

•Cash disbursements journal

•Payroll journal

•Accounts receivable journal

•Accounts payable journal

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