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A) When all the figures in a balance sheet are stated as percentage of the total, it is termed as horizontal analysis. e. Financial management is of no value in decision making. d. Its three major sections are operating costs, nonoperating costs, and total (net) costs. c. It is most useful for assigning costs to individual services. d. It is easy to apply because it ignores overhead costs. 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. The CFO typically reports directly to the chief executive officer (CEO). Correct! sales revenue, dividend income, etc). Investors become owners by purchasing shares of stock. D) NWC is negative if current liabilities exceed current assets. C. Once you have made a decision to buy an investment, there is no need for continued evaluation. Once you have painstakingly developed a financial plan, it is not wise to change it. ; Expense: The cost incurred by the business over a period (e.g. e. Most physicians involved with hospital services are hospital employees. Examples are accounts payable, taxes payable, and wages payable. c. Payments are increased for patients with very high costs (outliers). The main elements of financial statements are as follows: Assets. e. A flexible budget uses realized (actual) volume along with all other original (simple) budget assumptions. Examples are accounts receivable, inventory, and fixed assets. 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 … Which of the following is a not correct statement about accounting? Share your own to gain free Course Hero access. a. a) Financial accounting helps investors make decisions. c. FTEs per occupied bed Which of the following statements about the unadjusted trial balance is not correct? c. Owners exercise control by voting for the board of directors (the proxy mechanism). Question 14 Which of the following statements about a flexible budget is most correct? b. Which of the following statements about the income statement is most correct? Businesses use financial accounting to provide information to external users 4. b. C) Managerial accounting reports provide detailed information on parts of a company. Profit per discharge C.Managers are concerned with the reliability of financial reports, not with how they will be interpreted. Financial accounting is th… Sep 21, 2019 | accounting, Financial Accounting, Managerial Accounting C) The balance sheet reports stockholdersʹ equity on the right-hand side. 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 d. Medicare percentage Course Hero is not sponsored or endorsed by any college or university. B) The balance sheet lists a firmʹs assets and liabilities. B The individual needs of users can be satisfied by tailoring of financial reports. Multiple Choice Expected Returns Are Disclosed In The Notes To The Financial Statements, But Journal Entries Are Not Required. a. If you have difficulty answering the following questions, learn more about this topic by reading our Financial Statements … a. Which of the following statements about the Medicare payment system for hospital inpatient care (IPPS) is most correct? It is most useful for assigning costs to departments. 1) Under Statement of Financial Accounting Concepts No. The statement of stockholders' equity presents common stock, dividends, and retained earnings information. Which of the following statements about finance, accounting, and financial management is most correct? e. All of the above statements are correct. 67. Accounting provides the theory and concepts necessary to help managers make better decisions. b. b. Cost of … Which of the following statements is correct about the reporting of governmental funds? The number of specialty hospitals has declined over the last three decades. Which of the following statements is correct? Which of the following statements about finance, accounting, and financial management is most correct? Any kind of financial expert (such as a stockbroker, lawyer, or accountant) can help you develop a comprehensive financial plan. For multiple-choice and true/false questions, simply press or click on what you think is the correct answer. D) The balance sheet reports liabilities on the left-hand side. (a) Balance Sheet (b) Income Statement (c) Statement of Cash flows (d) Bank Statement . d. The comptroller and treasurer often have managers under them responsible for specific functions such as patient accounts management and cash management. A. Income statement, statement of stockholders' equity, and balance sheet . Which one of the following tangible fixed assets would not normally be depreciated? 1. Financial accounting reports are used primarily by employees to make business decisions related to, B. Which of the following financial statements is also known as financial condition? It uses a top down approach to cost allocation. B. 4. B) The auditor has the same responsibility for searching for indirect-effect illegal acts as any other potential misstatement that may occur. Equity. D. Financial accounting reports primarily contain detailed internal records of the company. Wrong! Which of the following statements about financial accounting is TRUE? c. A flexible budget uses realized (actual) supplies costs along with all other original (simple) budget assumptions. Which of the following statements about the finance department at large healthcare organizations is most correct? d. Financial risk management Wrong! e. It is less costly to implement than traditional costing methods. Satisfaction guaranteed! The statement of cash flows is for a period of time while the income statement is at a point in time. B. Which of the following are not finance activities? A.The only aspects of a business enterprise of concern to management are financial position and financial performance. D. b. b. There are several accounting activities that happen before financial statements are prepared. Find the best study resources around, tagged to your specific courses. For fill-in-the-blank questions press or click on the blank space provided. d. The primary role of finance is to plan for, acquire, and use resources to maximize the efficiency (and value) of the enterprise. c. Financial management involves the measurement, in financial terms, of operational events that affect the resources and financing of an organization. Which of the following statements about financial accounting is true? We’ve got course-specific notes, study guides, and practice tests along with expert tutors. The DRG payment is adjusted for severity. Under the accrual-basis accounting, the expenses are recorded when they occur irrespective of there payment. Question 13 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 operating metrics is used to monitor labor productivity? Which of the following statements is CORRECT? e. 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