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