NAB Finance & Business Practice Exam Questions with 100% Correct Answers
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Module
NAB Finance & Business
Institution
NAB Finance & Business
NAB Finance & Business Practice Exam Questions with 100% Correct Answers
Money invested in the facility, also known as the facility's net worth, is normally referred to as _____. - Answer-capital
Act that generally establishes employer responsibility without regard to fault or negligence f...
NAB Finance & Business Practice
Exam Questions with 100%
Correct Answers
Money invested in the facility, also known as the facility's net worth, is normally referred
to as _____. - Answer-capital
Act that generally establishes employer responsibility without regard to fault or
negligence for employees' illness or injuries that arise out of performance of the job are
known as ____. - Answer-Worker's Compensation Act.
A revision of an accounting forecast or assumption about the facility's expected or
experienced performance is a/an ______. - Answer-change in accounting estimate.
If the administrator asked the bookkeeper for a list containing every account in the
facility, the bookkeeper would hand the administrator the ______. - Answer-a. chart of
accounts
is a company's main accounting records. It is a complete record of financial transactions
over the life of a company. Holds account information that is needed to prepare financial
statements, and includes accounts for assets, liabilities, owners' equity, revenues and
expenses. - Answer-c. general ledger
is a formal record of the financial activities and position of a business, person, or other
entity. Relevant financial information is presented in a structured manner and in a form
easy to understand. - Answer-d. financial reports
The primary purpose of the Generally Accepted Accounting Principles is to ______. -
Answer-maximize comparability of financial statements among organizations.
Notes payable refers to ______ that must be repaid within ______. - Answer-c. loans -
12 months
The range of employee activities held by the courts to be the legal responsibility of the
employer, essentially any act performed in the process of carrying out one's duties, is
known as ____. - Answer-a. scope of employment
, Statutes are laws ______. - Answer-d. passed by legislatures Correct
A facility with long-term debt of $4,000,000 and a total equity of $3,000,000 has a debt
to equity ratio of _____ which is _____ the industry average. - Answer-a. 1.33
considerably above Correct
Debts/Total Equity = Debt to Equity Ratio
Under the accrual system of accounting, revenues are recorded in the time period in
which they are ______ and expenses are recorded when they are ______. - Answer-b.
earned - incurred
Trends and patterns in the operation of a nursing facility can best be obtained by doing
_____. - Answer-ratio and vertical analyses over time.
is used to evaluate various aspects of a company's operating and financial performance
such as its efficiency, liquidity, profitability and solvency. The trend of these ratios over
time is studied to check whether they are improving or deteriorating. - Answer-ratio
analyses
is a method of financial statement analysis in which each entry for each of the three
major categories of accounts, or assets, liabilities and equities, in a balance sheet is
represented as a proportion of the total account. - Answer-Vertical analysis
Allowing the facility to accurately measure revenues earned after expenses have been
paid or losses incurred by matching revenues and expenses for each time period is the
advantage of the _____ system of accounting. - Answer-accrual
Records of transactions that do not fit into any of the other journals go into ______. -
Answer-b. the general journal
Congress' purpose for passing accelerated depreciation was to _____ of new facilities. -
Answer-b. encourage more building
The income statement shows whether revenues were sufficient to cover ______. -
Answer-expenses
Using several differing depreciation schedules for a single piece of equipment is _____
as an accounting behavior. - Answer-quite acceptable.
Bills from suppliers of foodstuffs or office supplies or janitorial services contractors are
normally classified as among the _____. - Answer-current liabilities.
In accounting, income does not refer to the funds coming into the facility, but to ______.
- Answer-a. revenues minus expenses
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