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