NAB Finance Exam Questions With Correct Answers A+
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Course
NAB
Institution
NAB
NAB Finance Exam Questions With Correct
Answers A+
Why should an administrator get department heads involved in the budget making process? -
AnswerTo obtain more accurate cost estimates and control over costs.
A change in __________________ is not likely to be the cause of a budget variance. -
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NAB Finance Exam Questions With Correct
Answers A+
Why should an administrator get department heads involved in the budget making process? -
Answer✔To obtain more accurate cost estimates and control over costs.
A change in __________________ is not likely to be the cause of a budget variance. -
Answer✔Personal Needs Allowance (Medicaid rate remains the same)
"Assets are always equal to the sum of liabilities plus owner equity" is the basic concept in the
organization of the ______________. - Answer✔Balance sheet.
Balance sheet. - Answer✔Assets = liabilities + equity
Financial success or failure of a nursing facility is usually measured by __________________. -
Answer✔Return on equity
Return on Equity - Answer✔Earnings per dollar of investment
Ratio of greater than 1. - Answer✔Assets exceed liabilities
Internal Control principle - Answer✔Check issued when purchase order is completed
Matching principle - Answer✔Matching revenue with expenses incurred in generating that
revenue
Depreciation - Answer✔Example of Matching principle
Straight Line Depreciation - Answer✔Cost/Estimated years of useful life
Current asset - Answer✔Accounts receivable
Retained earnings - Answer✔Income after taxes and dividends; undistributed profits
GAAP priniciple - Answer✔Uses a fiscal versus calendar year
GAAP priniciple - Answer✔Records revenue that has been earned but not received
GAAP priniciple - Answer✔Accounts receivable with a deduction for amount that is
uncollectible
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