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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 are included in the four pillars of practice?
Structure
No Systems
People
Leadership
2
Which of the following are significant factors for why new businesses fail?
Inadequate Experience
Ineffective Marketing
Lack of Business Plan
Mismanaged Inventory
3
Owners' equity is the interest or claim of the practice owners in the practice assets
False
True
4
Liabilities: obligations resulting from ____transactions that require practice to pay, provide goods, or services in ___
Past; future
Present; future
Future; past
Future; future
5
Assets = Equities
False
True
6
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
7
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
8
Which of the following is NOT true about generally accepted accounting principles?
Standards and procedures
Set of accounting principles
Companies do not have to follow this when they compile financial statements
Improves clarity of communication of financial information
9
Which of the following are the two types of equities?
Rights of creditors to the business or liabilities
Rights of pets to be seen by you as a vet
Rights of owners to the veterinary practice or owner equity
Rights of clients to come to your veterinary clinic
10
Management is getting people to work together to accomplish the business organization's ____ and _____ by using what?
Goals; objectives; available resources ineffeciently and ineffectively
Goals; Problems; available resources efficiently and effectively
Goals; objectives; available resources efficiently and effectively
Objectives; Faults; available resources efficiently and effectively
11
Which of the following apply to cash basis?
Income is measured when cash is received
Expenses are measured when cash is spent
Income and expenses measured when transactions occur
Is regardless of physical or constructive flow of cash
12
Which of the following are express exceptions to at-will employment?
Collective bargaining agreements
Occupational Safety and Health
Pregnancy Discrimation Act
Unsatisfactory performance of duties
13
As veterinary practices are consolidated into larger corporate entities, they may become publicly owned.
True
False
14
What are the three most important things to focus on in a vet practice?
Accounting system
Location
Tax return
Veterinary program
15
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
16
Which of the following is the most expensive resource that can become most valuable assets in a service business?
Office Decor
Medication
People/Staff/Techs
Equipment
17
All employees should undergo an evaluation
False
True
18
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
19
What are the three most common financial statements in a veterinary practice?
Balance sheet
No statements, just guessing
Income statement or profit and loss or P&L
Statement of cash flow
20
Processes are a sequence of related activities _________ the system that work together to make it function for a goal
inside
separate from
outside
21
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
22
Which of the following are included in the major account types?
Non-liability
Equity
Asset
Income and Expense
23
Which of the following are TRUE about an income statement?
Statement of earnings, operations, or profit and loss statement
Profit-Expenses= Net income/profit
Does not measure performance of business or compare revenue with expenses
Two sections are gross profits and expenses
24
Which of the following are a part of the employment hiring process/system?
Throwing Away Resume
Interviews
Recruitement
No communication with candidates
25
What is the time frame for tactical planning?
5-10 years
1-3 years
Days or weeks
Long range
26
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
27
Which of the following are people skills?
Sensing how well your role fits into the overall hospital operation
Familiarity with equipment
Inspire
Communicate
28
Which of the following are a part of the six primary ways to communicate effectively?
Listen carefully, read
Think clearly
Act inappropriately
Write precisely
29
A business transaction does not have to be recorded in the chart of accounts
False
True
30
The Security Exchange Commission demands stringent reporting for a corporation's stock to be publicly traded on exchange
True
False
31
Financially successful and professionally rewarding veterinary practices are a result of good what?
Leadership
Management
Individuality
Management and leadership
32
Which of the following are important aspects of training in the selection process of employment hiring?
Training Manuals
State withold
Form I-9- employee eligibility verification
Handbook
33
According to the U.S. Small Business Administration, more than 50% of businesses survive for 5 or more years
True
False
34
Which of the following are aspects that define accounting?
Guessing
Interpreting financial activity
Measuring
Communicating
35
The balance sheet is a snapshot of a business at specific point in time
False
True
36
According to the U.S. Small Business Administration, 31% of new businesses fail after 2 years.
False
True
37
Which of the following is specifically the structure and process/systems pillar?
Marketing and Client Relations
Personnel and Human Resources
Finance and Economics
Operational and Maintenance
38
The backbone of any accounting system is the:
Chart of accounts
GAAP
Cash vs accrual base
SEC
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 are the types of planning?
Strategic
Operational
Spontaneity
Tactical
41
Which of the following is NOT a step in the management process?
Firing
Planning
Organizing
Evaluating
42
The step of communicating the plan to those who will execute and develop team framework and resources to finish plan is?
Planning
Evaluating
Organizing
Directing
43
What are the purposes of accounting?
Information controls activities of the business
Provide sound and reliable financial info to plan
44
The cost principle maintains the record of properties and services purchased by a business
False
True
45
Managers and leaders lead others while finding the balance between
Care
Cost
Innovation
Routine
46
Liabilities are presented before owner's equity because creditors have preferential rights to assets over owners
True
False
