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Q:
contractual allowances: a. are often for composite services b. are never for composite services c. not applicable
Q:
revenue amounts estimated to be uncollectible are: a. considered to be deductions from revenues b. are recorded on the organizations books as deductions from revenue c. considered to be part of the revenue stream d. are never recorded on the organizations books e. a & b f. c & d
Q:
allowance for bad debts: a. is also known as a provision for doubtful accounts b. represents a major type of deduction from revenue classification c. both of the above d. neither of the above
Q:
the town center clinics physician group has contracted with various managed care plans. for visit code 99213, plan a has contracted to pay $55.00, plan b has contracted to pay $39.00, and plan c has contracted to pay $46.00. (these rates are examples only.) the variation in amounts paid by managed care plans for this visit code is: a. commonly accepted in healthcare today b. unusual and not a commonly accepted method c. considered to be a survival method d. none of the above
Q:
charity service is: a. generally defined as services provided to financially indigent patients b. represents a major type of deduction from revenue classification c. both of the above d. neither of the above
Q:
assume the following: greenville hospitals full established rate for a certain procedure is $200, but the eastern health plans managed care contract pays the hospital only $180 for the procedure.
what is the correct recorded revenue figure?
a $180
b $200
c $190
d none of the above
Q:
revenue is typically defined as the value of services rendered, expressed at: a. established rates net of discounts b. regional established rates c. market value d. none of the above
Q:
most, though not all, healthcare revenues are received in the form of: a. cash b. credit c. notes receivable d. exchange of services e. none of the above
Q:
revenues can be received in the form of: a. cash b. credit c. either cash or credit d. none of the above
Q:
revenue typically represents earned amounts that are: a. due to the organizations major business b. due to any business function the organization may perform c. neither of the above
Q:
revenue represents: a. actual cash inflows b. expected cash inflows c. actual cash outflows d. expected cash outflows e. a & b f. c & d g. none of the above
Q:
the term revenue represents: a. amounts earned by an organization b. amounts expended by an organization c. the excess of cash remaining after disbursements d. none of the above
Q:
in the case of healthcare, revenue is typically earned by: a. rendering services to the community b. rendering services to patients c. professionals such as physicians d. organizations such as hospitals
Q:
typical classifications used to group revenue include: a. revenue source b. revenue centers c. care settings d. service lines e. all of the above
Q:
the medicare program legislation is contained in: a. title xix of the social security act b. title xviii of the social security act c. both of the above
Q:
the medicaid program: a. is funded exclusively by federal funds b. provisions are state specific within broad federal national guidelines c. both of the above
Q:
major deductions from revenue include: a. provision for bad debts b. contractual allowance c. charity service d. all of the above
Q:
pre-determined per-person payment indicates: a. payment after the service is delivered b. payment before the service is delivered c. either a or b
Q:
if an asset cannot be converted into cash within a twelve-month period, it is considered to be a __________ asset.
Q:
"__________ assets" is another word for short-term assets.
Q:
the accounting equation that reflects a relationship among three parts can be stated as follows: "liabilities plus net worth equals __________".
Q:
the economic resources that have expected future benefit to the business are called __________.
Q:
a corporation will generally report two types of equity accounts: "capital stock" and "__________".
Q:
a sole proprietorship's or a partnership's net worth may be labeled as __________.
Q:
classification of a note payable liability depends on the length of time that payment is promised.
Q:
the three parts of the accounting equation must always balance among themselves, because that is how they fit together.
Q:
liabilities are also called "insider claims".
Q:
"insider claims" are called owner's equity or net worth because these are claims held by owners of the business.
Q:
at the worth & williams clinic, if short-term liabilities are $10,000, long-term liabilities are $70,000, owners equity is $30,000 and current assets are $20,000. what is the total asset figure? a. $100,000 b. $110,000 c. $130,000 d. none of the above
Q:
equity is the: a. money value of property b. ownership right in property c. both of the above d. neither of the above
Q:
at the general care clinic, if total assets are $100,000 and long term assets are $60,000 and other assets are $10,000 what is the current asset amount? a. $30,000 b. $40,000 c. neither of the above
Q:
at xyz corporation, if retained earnings are $10,000 and liabilities are $25,000, what is the total asset amount? a. $35,000 b. $50,000 c. an unknown figure d. none of the above
Q:
at abc company, if assets equal $50,000 and liabilities equal $30,000, what is the total of liabilities and net worth? a. $20,000 b. $50,000 c. $70,000 d. none of the above
Q:
a mortgage payable: a. is recognized as a liability b. typically has a portion recorded as a short term payable c. typically has a larger portion recorded as a long term payable d. may be recognized as an other asset e. a & b f. a & c g. a & d h. a, b & c
Q:
the original cost, or historical cost, of buildings and equipment is reduced by: a. accumulated depreciation b. accumulated liabilities c. reserve for amortization d. none of the above
Q:
buildings and equipment are typically stated at a net figure called: a. book value b. long term value c. historical value d. none of the above
Q:
payroll taxes withheld are: a. a liability b. an asset c. due to be paid to the government d. a & c e. b & c
Q:
the accounting equation that reflects a relationship is often described as assets equal liabilities plus net worth. can the equation assets equal liabilities plus fund balance also be correct? a. yes, if used by the proper organization b. no, it is not appropriate c. not applicable
Q:
the accounting equation that reflects a relationship is often described as assets equal liabilities plus net worth. is the equation assets equal liabilities plus owners equity also appropriate and correct? a. yes b. no c. dont know
Q:
the green tree nursing facility possesses another note receivable in the amount of $9,000. this note will be paid in three installments: $3,000 in six months, $3,000 in eighteen months, and the remaining $3,000 in twenty-four months. the accountant will record this note receivable as follows: a. current, or short-term asset of $9,000 b. long term asset of $9,000 c. current asset of $3,000 and long term asset of $6,000 d. current asset of $6,000 and long term asset of $3,000 e. none of the above
Q:
the green tree nursing facility possesses a note receivable in the amount of $12,000. the note will not be paid until mrs. jones estate is settled, and her attorneys have informed green trees accountant that payment cannot be expected before, at the earliest, eighteen months from now. consequently the accountant will record this note receivable as a: a. current, or short-term asset b. long term asset c. long term liability d. none of the above
Q:
creditors are those: a. to whom debts are due b. who hold equity in the organization c. neither of the above
Q:
liabilities may be called: a. insider claims b. outsider claims c. either of the above d. neither of the above
Q:
an organizations economic resources may also include: a. inventory on hand b. cash on hand c. buildings d. a & b e. a & c f. b & c g. all of the above
Q:
an organizations economic resources include: a. accounts receivable b. notes receivable c. notes payable d. a & b e. a & c f. b & c g. none of the above
Q:
all types of business receivables are assets: a. correct b. not correct c. not applicable
Q:
if a balance sheet contains the terms capital stock and retained earnings, then we can deduce that the organization is a for-profit: a. sole proprietor b. partnership c. corporation d. none of the above
Q:
by their definition not-for-profit organizations should not have equity. a. correct b. not correct c. not applicable to not-for-profits
Q:
the term fund balance may be properly used by a: a. not-for-profit organization b. u.s. governmental entity c. for-profit corporation d. for-profit sole proprietor e. a & b f. c & d g. none of the above
Q:
an owner has: a. a claim to the entitys assets b. a claim to the entitys liabilities c. invested in the business d. a & b e. a & c f. b & c g. all of the above
Q:
net worth is: a. what the business is worth b. what the business is worth, net of liabilities c. what the business is worth, net of receivables d. none of the above
Q:
liabilities are: a. economic obligations b. what the organization owns c. debts that are payable d. what the organization owes e. a & c f. b & c g. a, c & d h. none of the above
Q:
assets are: a. what the organization owns and/or controls b. what the organization owes c. economic resources with expected future benefits d. economic obligations e. a & c f. a & d g. b & d h. none of the above
Q:
the language of finance includes: a. assets, liabilities and net worth b. english, french and spanish c. books about finance d. a & b e. a & c f. b & c g. none of the above
Q:
the amount owed to vendors: a. is a liability b. is recognized as accounts payable c. is recognized as accounts receivable d. a & b e. a & c f. b & c
Q:
examples of assets include: a. inventory b. land c. accounts receivable d. cash e. all of the above
Q:
if a note payable is going to be paid over a three-year period, the liability may be classified as: a. short-term b. long-term c. both short-term and long-term
Q:
all transactions for the period reside in the __________.
Q:
the books and records of the financial information system for the organization serve to __________.
Q:
the four segments that make a financial system work include the original records, the information system, the accounting system, and the __________ system.
Q:
flowsheets illustrate the flow of activities that capture __________.
Q:
when communicating financial information effectively to others, it is important to place extensive detail within the body of the report.
Q:
flowsheets are useful because they portray who is responsible for what piece of information as it exits the system.
Q:
most organizations have a 12-month reporting period known as a fiscal year. anything less than a full 12-month year is called a "stub period" and is fully spelled out in the heading of the report.
Q:
quarterly reports and statistics are called "interim reports" and generally contain raw data.
Q:
of the four segments that make a financial management system work, the reporting system provides evidence that some event has occurred.
Q:
one output from the clinical and financial data repository is insurance verification for patients through an electronic data information link to insurance company databases.
Q:
in summary, the chart of accounts: a. is a map that the financial manager must and should understand b. can be infinitely customized for an organizations purposes c. has generic examples available for reference purposes d. a & b e. a & c f. b & c g. all of the above
Q:
mountain view nursing facility uses a chart of accounts format that is made up of three sets of digits. the first set of digits represents the financial statement element, the second is for a primary subclassification and the third is for a secondary subclassification. to which of these three sets of digits would petty cash for the front office belong? the: a. financial statement element b. primary subclassification c. secondary subclassification d. none of the above
Q:
joseph, an rn in the emergency room of sample hospital, begins his saturday night shift by punching his time card into the machine by the employee entrance. from what you understand about the four segments that make a healthcare system work, where does josephs time card belong? in the: a. original records segment b. information system segment c. accounting system segment d. reporting system segment e. none of the above
Q:
when a patient information flowsheet illustrates the flow resulting from deficient data, which of these causes and consequences may apply? a. one cause may be a bad address on the billing statement b. one consequence is that the payer rejects the bill c. another consequence is that the provider does not receive payment d. a good financial manager may recognize the significance of this flow and correct the cause e. a, b & c f. all of the above
Q:
by illustrating information flow, flowsheets answer which of the following questions? a. what is the specific piece of information? b. who is initially responsible for this piece of information? c. how does the information enter the system? d. all of the above e. none of the above
Q:
the concept of flowsheets explains and illustrates the flow of: a. activities b. accounts receivable c. accounts payable d. a & b e. a & c f. b & c g. all of the above
Q:
inputs into the systems ambulatory care setting data repository (as described in the previous question) include the following: a. scheduling system data b. outpatient financial information c. inpatient financial information, if relevant d. inpatient care plan information, if relevant e. a & b f. a, b & c g. a, b & d h. all of the above
Q:
the text illustrates the information system components for an ambulatory care setting that uses a clinical and financial data repository (both clinical and financial data are fed into the same information system). links to this system are explained as follows: a. the electronic data information (edi) link to insurance company databases is a system output -yes b. the electronic data information (edi) link to insurance company databases is a system input -no c. an automated medical record link provides additional input -yes d. a & c e. b & c f. none of the above
Q:
subsidiary journals include the: a. trial balance b. general ledger c. payroll journal d. any of the above e. none of the above
Q:
all transactions for the period reside in the: a. general ledger b. cash receipts and cash disbursements journals c. accounts receivable and accounts payable journals d. a & b e. a & c f. b & c g. none of the above
Q:
actions affecting the general ledger include: a. statements reflecting transactions are created b. groups of transactions are gathered and summarized c. adjusted and reviewed transactions for the period are balanced d. a & b e. a & c f. b & c g. none of the above
Q:
actions affecting subsidiary journals include: a. individual transactions are recorded b. groups of transactions are gathered and summarized c. similar transactions are grouped and balanced d. a & b e. a & c f. b & c g. none of the above
Q:
the individual transaction: a. creates the original record b. is recorded into a subsidiary journal c. ends the progress of a transaction information flow d. a & b e. a & c f. b & c g. none of the above