Healthcare Finance Exam #1 Review

It is essential for you to understand financial accounting even if you are not the CFO.

Because of tax status and charitable donations, it is not necessary for NFP hospitals to have a positive net income.

Which of the following individuals or groups are most interested in an organization's financial statements.

Cash accounting is the recording of economic events when a cash exchange/transaction occurs.

Under capitation, the focus is offering a higher volume of services.

GAAP are standards guiding the preparation/presentation of financial and managerial accouting data.

Only revenues that have actually been received are listed in the Income statement.

Which category best highlights if an entity is FP or NFP?

Which of the following is not a major implication of the ACA?

Which of the following is a non-cash expense

Entities with more capitation than fee-for-service have a significant cash advantage.

Income Statements contain which of the following?

Which of the following cannot be calculated using Income Statement data?

Why is it necessary to carefully manage current assets?

Which of the following is not a form of medical coding?

Which of the following is not a current liability?

Which is true of Not-for-Profit healthcare organizations?

Liabilities should always be listed before equity.

Most health services entities are organized as partnerships.

Balance Sheets and Income Statements both report the results of operations over a period of time.

Which of the following is, usually, the largest expense category?

The best way to summarize and present financial information is through managerial accounting statements.

Which of the following would not be considered Nonoperating Income

Where can you find the revenues that have not yet been collected?

The Statement of Changes in Equity is similar for FP and NFP entitites.

On the Balance Sheet, short-term investments are listed at purchase price & long-term investments at fair market value.

Net Patient Service Revenue represents __________.

Which two factors make the health services industry different from other service industries?

In Fund Accounting, contributions are listed as ______________.

Which of the following is not a form of managed care?

Which Fee-for-Service method does Medicare use for critical access hospitals?

Net Property and Equipment are considered Current Assets.

Current Assets should always be listed in order of liquidity.

Which of the following is not a major concern for health insurers?

Entities relying on _________ have more premium revenue.