e. An investor (owner) cannot lose more than the amount of his or her investment. sales revenue, dividend income, etc). Which of the following statements about hospitals is most correct? 4. A) the primary difference between eva and accounting net income is that when net income is calculated, a deduction is made to account for the cost of common equity, whereas eva represents net income before deducting the cost of the equity capital the firm uses. It uses a top down approach to cost allocation. e. All of the above statements are correct. Course Hero has all the homework and study help you need to succeed! Which of the following is the correct order for preparing the financial statements listed? Which of the following statements is correct about the reporting of governmental funds? D) The balance sheet reports liabilities on the left-hand side. B. Profit per discharge d) Financial provides detailed reports on parts of the company. e. Financial management is of no value in decision making. a) Financial accounting helps investors make decisions. a. A. Question 17 B) As NWC decreases, potential liquidity increases. e. Most physicians involved with hospital services are hospital employees. B) The balance sheet lists a firmʹs assets and liabilities. b. A) Managerial accounting reports are audited annually by Certified Public Accountants. a. For multiple-choice and true/false questions, simply press or click on what you think is the correct answer. A.The only aspects of a business enterprise of concern to management are financial position and financial performance. a) Both A and B b) Both A and C 10) Which of the following statements about managerial accounting is CORRECT? A. An income statement reports revenues, expenses, and net income information. Which of the following are not finance activities? Which of the following statements are false? Wrong! Which of the following statements about net working capital (NWC)is correct? Question 15 c. It reports the economic profitability of an organization. b. Which of the following statements about the income statement is most correct? Income Statement, also known as the Profit and Loss Statement, reports the company’s financial performance in terms of net profit or loss over a specified period.Income Statement is composed of the following two elements: Income: What the business has earned over a period (e.g. Which of the following statements about the unadjusted trial balance is not correct? Question 13 It has several alternative names, including the statement of liabilities. A. C) NWC excludes inventory, which is deemed illiquid. There are several accounting activities that happen before financial statements are prepared. Wrong! Find the best study resources around, tagged to your specific courses. Which of the following statements is correct? Financial accounting is th… Sep 21, 2019 | accounting, Financial Accounting, Managerial Accounting b. D. Financial accounting reports primarily contain detailed internal records of the company. d. Financial risk management a. Question 14 Which of the following statements about activity based costing (ABC) is most correct? c. Financial management involves the measurement, in financial terms, of operational events that affect the resources and financing of an organization. For multiple-choice and true/false questions, simply press or click on what you think is the correct answer. Investors become owners by purchasing shares of stock. Which of the following statements is correct with respect to the auditor's responsibilities relative to the detection of indirect-effect illegal acts? Option c. Accrual-basis accounting recognizes expenses when they are paid is correct.. a. Aussie Pty Ltd will be required to prepare consolidated financial statements as the ultimate Australian parent. d. A flexible budget uses realized (actual) facilities costs along with all other original (simple) budget assumptions. e. Facilities management C Enables accountability since managers would have to account for resources used. c. FTEs per occupied bed c) Financial accounting reports can influence employee behavior. Satisfaction guaranteed! Which one of the following statements concerning accounting reports is correct? Financial accounting reports are used primarily by management to understand whether a product line should be discontinued. 1. e. It is less costly to implement than traditional costing methods. B. Question: Which Of The Following Statements Is Correct About Accounting For Expected Sales Returns? c. It is most useful for assigning costs to individual services. 3. The "change in cash" reported on the statement of cash flows is also reported on the statement of retained earnings. Question 12 e. Outpatient revenue percentage, Assume that Goodhealth Clinic has fixed costs of $1,000,000 and a, College level Corporate Finance Class question on calculating, Fair pricing, starting only at $10 per page, Absolutely Free revisions where necessary. Once you have painstakingly developed a financial plan, it is not wise to change it. a. C.Managers are concerned with the reliability of financial reports, not with how they will be interpreted. B) Managerial accounting reports help investors make decisions. For fill-in-the-blank questions press or click on the blank space provided. How to Correct Financial Statement Errors An error correction is the correction of an error in previously issued financial statements . These are legally binding obligations payable to another entity or individual. d. The comptroller and treasurer often have managers under them responsible for specific functions such as patient accounts management and cash management. Any kind of financial expert (such as a stockbroker, lawyer, or accountant) can help you develop a comprehensive financial plan. a. A flexible budget uses realized (actual) prices along with all other original (simple) budget assumptions. (a) Balance Sheet (b) Income Statement (c) Statement of Cash flows (d) Bank Statement . Which of the following financial statements is also known as financial condition? The department is headed by the chief financial officer (CFO) (sometimes called the vice-president finance). Which one of the following tangible fixed assets would not normally be depreciated? Get one-on-one homework help from our expert tutors—available online 24/7. An entity is required to present at least two of each of the following primary financial statements: [IAS 1.38A] statement of financial position* statement of profit or loss and other comprehensive income; separate statements of profit or loss (where presented) statement of … Government-wide financial statements measure revenues and expenditures based on accrual accounting. Share your own to gain free Course Hero access. Financial Accounting Assignment Help, Which statements is correct, In its first month in business, Jones, Inc. sold merchandise to customers on account for $119,800. Which of the following statements about financial accounting is correct? Patients at general acute care hospitals typically have long patient stays, often 30 or more days. ; Expense: The cost incurred by the business over a period (e.g. Which of the following statements about financial accounting is TRUE? c. The CFO usually is assisted by a comptroller and treasurer. Planning and budgeting Accounting provides the theory and concepts necessary to help managers make better decisions. a. 2. Which of the following statements about the financial statements is correct? Which of the following statements about investor-owned (for-profit) corporations is incorrect? A)Assets F1F1F1S1 F1F1F10 Liabilities = Net Income B)Assets + Liabilities = Total Assets C)Revenues + Expenses = Net Income D)Beginning Retained Earnings + Net Income F1F1F1S1 F1F1F10 Dividends = Ending Retained Earnings We’ve got course-specific notes, study guides, and practice tests along with expert tutors. The basis for payment is the patient’s diagnosis as specified by DRG. Course Hero is not sponsored or endorsed by any college or university. Income statement, statement of stockholders' equity, and balance sheet . Question 18 c. Payments are increased for patients with very high costs (outliers). *b. Aussie Pty Ltd will not be required to prepare consolidated financial statements as they are a non-reporting entity. a. It might balance even if there is a mistake C. It does not yet include end-of-the-accounting period adjustments D. It is part of the financial statements issued to external decision makers C. Once you have made a decision to buy an investment, there is no need for continued evaluation. e. All of the above statements are correct. a. B) The auditor has the same responsibility for searching for indirect-effect illegal acts as any other potential misstatement that may occur. Liabilities. Which of the following statements about financial accounting is correct? Correct! b. Under the accrual-basis accounting, the expenses are recorded when they occur irrespective of there payment. b. It collected $72,000 on those sales during the first month and recorded Revenue for the period of $119,800. Which of the following statements about financial accounting is true? It might only include a preliminary amount for income tax expense B. A. b) Financial accounting provides help in planning and controlling operations. The CFO typically reports directly to the chief executive officer (CEO). Owners have a claim on the business’s residual earnings. Which of the following statements is NOT correct about the financial statements? d. Payments are adjusted for the hospital’s local conditions (wage rates). a. B. Cost of … asked Jun 6, 2016 in Business by Kiwi_Kurisu A) The income statement reflects the position of a firm as of a single point in time. Which of the following statements about the use of financial statements is not correct - 00278390 Tutorials for Question of Accounting and Accounting Question: Which Of The Following Statements Is Correct About Sustainability Accounting? e. Income statements are always prepared annually, but never for shorter periods (for example, quarterly). a. Which one of the following statement completely and correctly describes accounting? Which of the following statements is true about financial planning? C) The balance sheet reports stockholdersʹ equity on the right-hand side. Accounting provides the theory and concepts necessary to help managers make better decisions. Which one of the following correctly represents one of the basic financial statement models? e. A flexible budget uses realized (actual) volume along with all other original (simple) budget assumptions. c. Financial reporting Ask your own questions or browse existing Q&A threads. A flexible budget uses realized (actual) labor costs along with all other original (simple) budget assumptions. C. Financial accounting reports are primarily prepared to provide information for external decision makers. Equity. A) When all the figures in a balance sheet are stated as percentage of the total, it is termed as horizontal analysis. b. It is most useful for assigning costs to departments. Financial accounting reports are used primarily by management to understand whether a product line should. Follow Which of the following statements regarding the balance sheet is INCORRECT? b. Accounting is of no value in decision making. B The individual needs of users can be satisfied by tailoring of financial reports. 2. d. When an individual sells his or her stock, the company receives the proceeds from the sale. 2, which of the following relates to both relevance and reliability? 1) Under Statement of Financial Accounting Concepts No. Financial accounting reports are used primarily by employees to make business decisions related to production. Which of the following statements about finance, accounting, and financial management is most correct? c. Financial management involves the measurement, in financial terms, of operational events that affect the resources and financing … If you have difficulty answering the following questions, learn more about this topic by reading our Financial Statements … c. A flexible budget uses realized (actual) supplies costs along with all other original (simple) budget assumptions. 67. b. c. The optimal size for a hospital is roughly 50 beds. a) cost-benefit constraint b) predictive value c) verifiability d) representational faithfulness i chose A 2) which of the following statements about materiality is not correct?? For fill-in-the-blank questions press or click on the blank space provided. Which of the following operating metrics is used to monitor labor productivity? Which of the following statements is CORRECT? a. The statement of stockholders' equity presents common stock, dividends, and retained earnings information. Examples are accounts payable, taxes payable, and wages payable. Accounting is of no value in decision making. d. Medicare percentage The main elements of financial statements are as follows: Assets. Financial accounting reports are used primarily by employees to make business decisions related to, B. b. A) The auditor has no responsibility for searching for indirect-effect illegal acts. These are items of economic benefit that are expected to yield benefits in future periods. Correct! B.It keeps a record of all events affecting an organisation. Financial statements are prepared in the following order: Income Statement; Statement of Retained Earnings – also called Statement of Owners’ Equity; The Balance Sheet; The Statement of Cash Flows; The following video summarizes the four financial statements required by GAAP. A. The number of specialty hospitals has declined over the last three decades. C) Vertical Analysis is also termed as dynamic analysis. A Provides information that can help with decision making. Which of the following statements about the primary purpose of financial reporting is the most correct? The statement of financial position, often called the balance sheet, is a Which of the following statements about a flexible budget is most correct? A) NWC is positive for all firms. Revenue cycle management d. The primary role of finance is to plan for, acquire, and use resources to maximize the efficiency (and value) of the enterprise. Length of stay (LOS) 4. C. A balance sheet reports assets, liabilities, revenues, and expenses. If you have difficulty answering the following questions, learn more about this topic by reading our Financial Accounting … Which of the following statements about the finance department at large healthcare organizations is most correct? The DRG payment is adjusted for severity. Multiple Choice Ο Sustainability Accounting Is A Subset Of GAAP Applied Only To Socially Responsible Companies Ο Sustainability Accounting Has Been In Existence Since 1592 Ο Sustainability Accounting Tracks A Company's "green" Score. d. Its three major sections are operating costs, nonoperating costs, and total (net) costs. Which of the following is a not correct statement about accounting? The statement of cash flows is for a period of time while the income statement is at a point in time. Businesses use financial accounting to provide information to external users D. Which of the following statements about finance, accounting, and financial management is most correct? Examples are accounts receivable, inventory, and fixed assets. D) NWC is negative if current liabilities exceed current assets. b. C) Managerial accounting reports provide detailed information on parts of a company. d. The majority of hospitals are public or not for profit (as opposed to investor owned). a. Multiple Choice Expected Returns Are Disclosed In The Notes To The Financial Statements, But Journal Entries Are Not Required. B) When financial statements of several years are analyzed, it is termed as vertical analysis. d. It is easy to apply because it ignores overhead costs. A) The balance sheet provides a snapshot of a firmʹs financial position at a given point in time. b. Which of the following statements about the Medicare payment system for hospital inpatient care (IPPS) is most correct? It reports the financial status of an organization as of a single point in time. c. Owners exercise control by voting for the board of directors (the proxy mechanism). Which of the following statements about financial accounting is correct? As dynamic analysis correctly represents one of the following correctly represents one of the following statements about net capital. And liabilities decreases, potential liquidity increases, liabilities, revenues,,. 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