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HFMA's CSAF 2024, Certified Specialist Accounting and Finance. Exam Questions and Answers 100% Pass 11,83 €
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HFMA's CSAF 2024, Certified Specialist Accounting and Finance. Exam Questions and Answers 100% Pass
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HFMA's CSAF 2024, Certified Specialist Accounting and Finance. Exam Questions and Answers 100% Pass Contribution Margin - answerDifference between marginal revenue and marginal cost. Break-even point - answerLevel of sales volume of a product producing the exact amount of contribution margin n...

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  • 28 de octubre de 2024
  • 44
  • 2024/2025
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  • hfmas csaf 2024 certified specialist accounting

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©BRIGHTSTARS EXAM SOLUTIONS
10/22/2024 12:14 PM


HFMA's CSAF 2024, Certified Specialist
Accounting and Finance. Exam Questions
and Answers 100% Pass


Contribution Margin - answer✔Difference between marginal revenue and marginal cost.

Break-even point - answer✔Level of sales volume of a product producing the exact amount of
contribution margin needed to cover fixed costs.

Overhead - answer✔Indirect Costs

Activity-based costing (ABC) - answer✔Method of determining product costs using cost drivers
or activity measures, which cause indirect costs to be incurred.

Three main types of Cost standards. - answer✔Predetermined (Synthetic), Negotiated
(Historical), and Customized (Engineered)

Four Types of Individual Cost behaviors - answer✔Variable, Fixed Cost Pattern, Semi-Variable
Cost Pattern, Semi-Fixed or Stepped Variable

Three Principal Types of expense variances - answer✔Price, Volume, and Efficiency

The 4 Primary payment methods used in managed care - answer✔Fee-for-Service, Per Diem
Rate, Case Rate, Capitation

Healthcare providers should develop different modeling tools depending on - answer✔the
reimbursement method proposed in the contract

The general categories of provider excess loss insurance are - answer✔per-person, aggregate,
and carve-out.

A Strategic Plan allows organizations to - answer✔have a clear plan as to why they are in
business and how they can stay in business in the future.

The main types of control budgets include - answer✔operating, capital, and cash.

, ©BRIGHTSTARS EXAM SOLUTIONS
10/22/2024 12:14 PM

A budgeting process develops assumptions for the following: - answer✔Admissions, ALOS,
Expense per visit, Inflation on expense, FTE per visit, Productivity on FTE per visit, Labor cost per
FTE, Net Rev per visit

Operating budget's statistical factors include - answer✔Historical statistics, Historical
relationship of department volume, anticipated effects of new programs, clinical practice
patters, covered lives in global payment risk programs, changes in regulatory environment,
technical developments, process improvements, marketing efforts, demographic trends

The primary purpose of measuring productivity is - answer✔for management to determine if
resources are being used efficiently

Budget types include - answer✔fixed and flexible

The four budget variances used to explain by cause are - answer✔Volume, rate (charged), price
(of a supply), and efficiency (cost per procedure).

Three common Capital Evaluation techniques - answer✔Payback, Net Present Value Method,
Return on Investment

Users of ratio analysis - answer✔Board of Directors, Management, Health Systems Agencies,
Creditors, Employee Unions, Rate Regulators

The categories of ratios used - answer✔Profitability Ratios, Liquidity Ratios, Activity Ratios,
Capital Structure Ratios

Two common types of long-term debt - answer✔Revenue bonds and General Obligation Bonds
Undertake debt restructuring by either retiring or reacquiring existing debt for 4 reasons -
answer✔Take advantage of lower interest rates, change collateral restrictions, allow acquisition
of other assets, better fit debt service requriements

Healthcare bond issues place legal obligations on - answer✔the borrower intended to protect
the lender against default by the borrower.

In order to use the discounted cash flow method - answer✔you need to know the payment
flow or payment pattern and the interest rate

Every capital investment proposal requires 4 quantifiable factors - answer✔Cash Outflow, Cash
Inflow, Economic Life, Opportunity Cost of funds

, ©BRIGHTSTARS EXAM SOLUTIONS
10/22/2024 12:14 PM

Three significant Investment valuation methods - answer✔Discounted cash flow method,
Replacement cost method, Market comparison

Two types of equity financing - answer✔Internal and External
In a capital lease, all of the benefits and risks of owner except title or ending (salvage value) -
answer✔get transferred to the lessee. The lessor recovers full price and interest during the
lease.

An operating lease is - answer✔when the hospital is liable for the leasing cost; renewal options
are determined by the fair market value

Advantages of leasing - answer✔working capital is conserved, budgetary control, tax benefits
may be realized, project may be financed 100%, lessee has greater flexibility in replacing
equipment

Disadvantages of leasing - answer✔Cost of extending the lease may be more than the actual
purchase price, Interest costs are higher than debt, third parties will recognize a full lease
payment as allowable only if a true operating lease, the leasing company frequently passes the
cost of property tax to the lessors
When issuing a rating on a specific organization, a rating agency will commonly consider the
following - answer✔Provisions or structure of the financing, competitive environment and
market position, medical staff characteristics, management capability, financial

Methods of a Cash budget: - answer✔Cash receipts and disbursements Method, Adjusted Net
Income Method, Working Capital Differential Method

Primary purposes of a cash budget: - answer✔Identify cash requirements and sources for a
certain period of time, control the flow of cash funds

Healthcare organizations use commercial banking services for: - answer✔Controlled
Disbursement Account, Depository Account, Concentration Account and Zero Balance Account,
Sweep Account

The components incorporated in a cash budget: - answer✔Ability of the organization to
manage overall revenue cycle, projection of costs, variability in activities that impact both
revenues and expenses, regularly recurring or periodic expenses, timing of capital purchases

An investment policy - answer✔Establishes a framework to make investment decisions and
evaluate results

, ©BRIGHTSTARS EXAM SOLUTIONS
10/22/2024 12:14 PM

The returns, risks, and correlation are the primary inputs for - answer✔asset allocation models

Different types of asset allocation risks are as follows: - answer✔maturity (liquidity) risk,
interest rate risk, credit risk, political (legal) risk, market (price) risk

Three Internal control objectives: - answer✔Effectiveness and efficiency of operations,
Reliability of financial reporting (external and internal), compliance with applicable laws and
regulations

Sarbanes-Oxley established: - answer✔Enhanced standards for accountability and penalties for
wrongdoing.

Sarbanes-Oxley makes it so that CEOs and CFOs are responsible for: - answer✔Disclosure
controls, ensuring specified information (controls) is made known to them, regular evaluations
of controls with quarterly certifications

PCAOB does: - answer✔Register public accounting firms, establish audit standards, inspect
accounting firms, disciplinary proceedings and appropriate sanctions, PCAOB budget.

Components of auditor's attestation report: - answer✔Objective, Date, Evaluation

Operational auditing is one technique available to - answer✔management to ensure objectives
and organizational policies are effectively carried out.

Current liabilities - answer✔are satisfied within a year of the balance sheet date

Examples of current liabilities: - answer✔Notes payable to banks, current portions of long-term
debt, accounts payable, advances from and accounts payable to third-party payers for
reimbursement settlements, refunds, deferred revenue, accrued salaries, current portion of
malpractice costs

Exemption requirements for nongovernmental not-for-profit healthcare: - answer✔No inures
to private shareholder, no influencing legislation, no political campaign

IRS form 990 - Return of Organization Exempt from Income Tax - answer✔form for income tax
under IRS section 501(a) and for non-exempt charitable trusts

Most healthcare organizations are dependent - answer✔on financing long-term debt

Advance refunding enables providers: - answer✔to restructure their long-term liabilities,
reduce interest rates, or terminate restrictive bond covenants

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