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