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...
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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