ACHE – FINANCE ACTUAL EXAM QUESTIONS AND CORRECT DETAILED ANSWERS WITH RATIONALES (VERIFIED ANSWERS) ALREADY GRADED A+ (NEWEST VERSION)
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ACHE – FINANCE
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ACHE – FINANCE
ACHE – FINANCE ACTUAL EXAM QUESTIONS AND CORRECT DETAILED ANSWERS WITH RATIONALES (VERIFIED ANSWERS) ALREADY GRADED A+ (NEWEST VERSION)
Current Procedural Terminology - Answer-A set of medical codes used to report medical, surgical and diagnostic procedures and services.
Current Liabilities ...
ACHE – FINANCE ACTUAL EXAM QUESTIONS
AND CORRECT DETAILED ANSWERS WITH
RATIONALES (VERIFIED ANSWERS) ALREADY
GRADED A+ (NEWEST VERSION)
Current Procedural Terminology - Answer-A set of medical codes used to report
medical, surgical and diagnostic procedures and services.
Current Liabilities - Answer-Economic obligations, or debts, that are due within one
year.
Current Assets - Answer-Resources that an organization expects to consume within one
year.
Continuous Budgets - Answer-Budgets that are updated continuously so that year end
never occurs.
Asset Efficiency Ratios - Answer-Ratios that measure efficiency by comparing revenue
to assets.
Balance Sheet - Answer-A statement that shows an organization's financial position a
specific point in time. Assets = Liabilities + owners or shareholders equity.
- Answer-
Budgeting - Answer-The process of converting the operating plan into monetary terms.
Capital Budgeting - Answer-The process of converting the operating plan into budgets
for capital expenditures.
Excess of Revenues Over Expenses - Answer-Operating income plus nonoperating
income minus total expenses. OI+NOI - total expenses = Excess revenues over
expenses.
Fixed Budgets - Answer-Budgets that assume volumes, related revenues, and variable
expenses remain constant during the year.
Four Ways to Finance Capital Expenditures - Answer-(1) Funding Depreciation
(2) Philanthropy
(3) Operating Surpluses
(D) Debt
Charges - Answer-The amount patients are expected to pay for services; also called
prices or rates.
, Capital Structure Ratios - Answer-Ratios that measure an organization's long-term
liquidity by measuring a variety of relationships to capital.
High-Deductible Health plan - Answer-A health insurance plan with higher deductibles
and lower premiums than traditional health plans.
Gross Revenue - Answer-An entry to the patient ledger of the charge for a specific
healthcare service; no longer a meaningful measure. See also Net revenue.
Sarbanes-Oxley Act - Answer-Federal corporate accountability legislation passed in
2002 in the aftermath of the Enron bankruptcy and intended to improve governance and
corporate practices.
Resource-Based Relative Value Scale - Answer-A Medicare reimbursement system that
provides a flat, per-visit fee to physicians rather than reimbursing them according to
their customary charges.
Productivity Measures - Answer-A variety of ratios that measure employee productivity
during a shift, day, week, or month and by employee or employees
Differential Costing - Answer-A method of assembling costs (and sometimes revenues)
to alternative decisions.; also known as incremental costing or relevant costing.
Any-Willing-Provider Statutes - Answer-Patient protection laws that allow patient to
receive care from providers outside a network.
Deferred Revenue - Answer-Money received by the hospital but not yet earned, such as
registration fees for an educational program not yet provided.
Accrued Expenses Payable - Answer-Liabilities for expenses that have been incurred
by the hospital but for which the hospital has not yet paid, such as compensation to
employees.
Proforma - Answer-A forecast of financial statements establishing the future financial
position of an organization for a given set of operating conditions or decisions.
Incremental Budgeting - Answer-Budgeting only for changes, such as new equipment;
the assumption in incremental budgeting is that the current budget is already optimal.
Diagnosis-related groups (DRGs) - Answer-A grouping of similar healthcare cases that
should require similar resource consumption; Medicare uses diagnosis-related groups
to calculate prospective payments.
Unrestricted Net Assets - Answer-Net assets that have not been externally restricted by
donors or grantors, such as the excess of revenues to expenses from operations.
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