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PDB Accounting and Four Pillars Flashcards | StudBud
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PDB Accounting and Four Pillars
PDB Accounting and Four Pillars
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1
As veterinary practices are consolidated into larger corporate entities, they may become publicly owned.
False
True
2
Which of the following are included in the four pillars of practice?
Leadership
No Systems
People
Structure
3
Which of the following is NOT a step in the management process?
Firing
Evaluating
Organizing
Planning
4
Which of the following are TRUE about an income statement?
Two sections are gross profits and expenses
Does not measure performance of business or compare revenue with expenses
Profit-Expenses= Net income/profit
Statement of earnings, operations, or profit and loss statement
5
Which of the following is NOT true about generally accepted accounting principles?
Improves clarity of communication of financial information
Standards and procedures
Companies do not have to follow this when they compile financial statements
Set of accounting principles
6
Assets = Equities
True
False
7
Liabilities are presented before owner's equity because creditors have preferential rights to assets over owners
True
False
8
What are the purposes of accounting?
Provide sound and reliable financial info to plan
Information controls activities of the business
9
What does the structure pillar focus on?
Bare backbone of facility
Optimizing space and materials to create most effective hospital
Nothing to do with facility
Non-effective hospital with stuff everywhere
10
According to the U.S. Small Business Administration, more than 50% of businesses survive for 5 or more years
True
False
11
Which of the following is the most expensive resource that can become most valuable assets in a service business?
Equipment
People/Staff/Techs
Office Decor
Medication
12
The step of communicating the plan to those who will execute and develop team framework and resources to finish plan is?
Planning
Organizing
Directing
Evaluating
13
The backbone of any accounting system is the:
GAAP
Cash vs accrual base
Chart of accounts
SEC
14
According to the U.S. Small Business Administration, 31% of new businesses fail after 2 years.
True
False
15
Processes are a sequence of related activities _________ the system that work together to make it function for a goal
separate from
outside
inside
16
Which of the following apply to cash basis?
Is regardless of physical or constructive flow of cash
Expenses are measured when cash is spent
Income is measured when cash is received
Income and expenses measured when transactions occur
17
Which of the following are a part of the employment hiring process/system?
No communication with candidates
Recruitement
Interviews
Throwing Away Resume
18
Which of the following are express exceptions to at-will employment?
Unsatisfactory performance of duties
Occupational Safety and Health
Collective bargaining agreements
Pregnancy Discrimation Act
19
A business transaction does not have to be recorded in the chart of accounts
False
True
20
What is the time frame for tactical planning?
Long range
5-10 years
Days or weeks
1-3 years
21
Which of the following are a part of the six primary ways to communicate effectively?
Think clearly
Listen carefully, read
Write precisely
Act inappropriately
22
Which of the following are important aspects of training in the selection process of employment hiring?
Training Manuals
Handbook
State withold
Form I-9- employee eligibility verification
23
What are the three most common financial statements in a veterinary practice?
Income statement or profit and loss or P&L
Statement of cash flow
No statements, just guessing
Balance sheet
24
All employees should undergo an evaluation
False
True
25
Which of the following are included in the major account types?
Income and Expense
Non-liability
Asset
Equity
26
What are the three most important things to focus on in a vet practice?
Veterinary program
Tax return
Accounting system
Location
27
Which of the following are TRUE about statement of cash flows?
3 main sources are cash from operating investing and financing activities
All cash outflows are used for paying operating expenses
Summates inflows and outflows of cash at one point in time
Not all cash inflow result from revenue collected
28
Which of the following are the two types of equities?
Rights of creditors to the business or liabilities
Rights of owners to the veterinary practice or owner equity
Rights of pets to be seen by you as a vet
Rights of clients to come to your veterinary clinic
29
Management is getting people to work together to accomplish the business organization's ____ and _____ by using what?
Objectives; Faults; available resources efficiently and effectively
Goals; objectives; available resources ineffeciently and ineffectively
Goals; objectives; available resources efficiently and effectively
Goals; Problems; available resources efficiently and effectively
30
Financially successful and professionally rewarding veterinary practices are a result of good what?
Management and leadership
Individuality
Leadership
Management
31
Which of the following are aspects that define accounting?
Measuring
Interpreting financial activity
Communicating
Guessing
32
Which two of the following represent the basic accounting equation?
Assets + Liability= Owner's Equity
Assets= Liability + Owner's Equity
Assets- Liability = Owner's Equity
Assets= Liability - Owner's Equity
33
Which of the following is specifically the structure and process/systems pillar?
Finance and Economics
Operational and Maintenance
Marketing and Client Relations
Personnel and Human Resources
34
Which of the following are the types of planning?
Strategic
Operational
Spontaneity
Tactical
35
Liabilities: obligations resulting from ____transactions that require practice to pay, provide goods, or services in ___
Past; future
Present; future
Future; past
Future; future
36
The Security Exchange Commission demands stringent reporting for a corporation's stock to be publicly traded on exchange
True
False
37
Which of the following are significant factors for why new businesses fail?
Lack of Business Plan
Mismanaged Inventory
Inadequate Experience
Ineffective Marketing
38
What are the two parts of the at-will employment definition?
Unless a specific provision in an employment contract states time of work
Employees cannot quit and emplyers cannot terminate at will
Employees may quit and employers may terminate employees at will
Even if a specific provision in an employment contract states time of work
39
Define the accounting system
only a few methods used to just summarize finances
sum of total methods used to only keep records of finances
sum of total methods used to only summarize finances
sum total of methods used to keep records of finances and summarize them
40
Which of the following measurement of result and metric system go together?
Financial success/benchmarks/financial success metric
Client satisfaction/efficiency of internal process metric
Staff team work/employee development metric
Employee motivation and contentment/client retention and loyalty metric
41
Managers and leaders lead others while finding the balance between
Innovation
Routine
Cost
Care
42
The balance sheet is a snapshot of a business at specific point in time
True
False
43
Owners' equity is the interest or claim of the practice owners in the practice assets
False
True
44
Which of the following are people skills?
Communicate
Sensing how well your role fits into the overall hospital operation
Inspire
Familiarity with equipment
45
Assets are all of the economic resources of the practice that can be expressed how?
In monetary terms, anything the practice owns
In non-monetary terms
46
The cost principle maintains the record of properties and services purchased by a business
False
True
