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Submitted: 1 year ago.Category: Multiple Problems
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Question 1The controller in a hospital is usually responsible for which of the following activities (choose all that apply):
A. Collection of accounts receivable
B. Developing budgets
C. Filing Medicare cost reports
D. Arranging hospital loans
E. Investing surplus cash5 points
Question 2Which of the following is not a “principle” of financial accounting?
A. Historical cost
B. Revenue recognition
C. Continuity
D. Matching
E. Full disclosure5 points
Question 3If an organization’s Board of Directors were to set aside assets to be used for replacement of plant and equipment, where would this be reflected on the balance sheet?
A. Assets Limited as to Use
B. Temporarily Restricted Net Assets
C. Permanently Restricted Net Assets
D. Liability
E. none of the above5 points
Question 4Which of the following best describes “days in accounts receivable?”
A. a profitability ratio that measures how quickly an organization generates revenue
B. a liquidity ratio that estimates how quickly an organization converts receivables to cash
C. a liquidity ratio that measures how long it takes an organization to pay its bills
D. a profitability ratio that evaluates credit and collection policies5 points
Question 5An uninsured patient receives services with charges of $5,000 from a hospital. The hospital staff bills the patient $1,000 and records $4,000 as charity care. If the hospital’s ratio of cost to charges is 50%, what amount would the hospital recognize as charity care in Schedule H of IRS Form 990?
A. $5,000
B. $2,000
C. $1,000
D. None of the Above5 points
Question 6Accounts receivable (net) increased by $500,000 during the year. This increase has what effect on cash flow?
A. Reduces it
B. Increases it
C. No effect5 points
Question 7Which of the following is the primary goal of a not-for-profit healthcare organization? Choose the best answer.
A. To serve the community through provision of health care services.
B. To balance revenues with expenses
C. To provide jobs for those in the community.
D. To deliver very high-quality health care services.5 points
Question 8A statement that reports inflows and outflows of cash during the accounting period in the categories of operations, investing, and financing, is called a(an):
A. Income statement
B. Statement of retained earnings
C. Balance sheet
D. Statement of cash flows
E. Report of management5 points
Question 9Medicare pays for hospice services under which of the following:
A. Part A
B. Part B
C. Part D
D. None of the above5 points
Question 10Proprietary hospitals often have low Community Value Index ® scores because:
A. They have higher prices
B. They have higher margins
C. They have lower costs
D. All of the above5 points
Question 11_____ is the most important financial metric to review to determine long-term financial viability.5 points
Question 12Most corporations use the accrual basis of accounting.TrueFalse5 points
Question 13A statement that reports the financial position (assets, liabilities, and stockholders’ equity) of an accounting entity at a point in time is called a(an):
A. Income statement
B. Statement of retained earnings
C. Balance sheet
D. Statement of cash flows
E. Report of management5 points
Question 14The earnings of a standard (“C”) corporation can be subject to double taxation.TrueFalse5 points
Question 15Some benefits under Medicare part A include hospital stays, skilled nursing care, and home health care.TrueFalse5 points
Question 16A hospital that is caring for a Medicare patient on an inpatient basis generally can increase its reimbursement by providing additional services.TrueFalse5 points
Question 17A hospital incurs $10 million of cost to treat Medicaid patients and receives $7 million in payment. Actual charges for these Medicaid patients were $20 million. The net community benefit expense that would be reported in Schedule H of IRS Form 990 would be?
A. $10 million
B. $7 million
C. $3 million
D. None of the Above5 points
Question 18One of the advantages of a nonprofit organization compared with an investor-owned company is that the investor-owned company is subject to federal income taxes, whereas the nonprofit organization is not.TrueFalse5 points
Answered in 20 minutes by:
11/7/2016
Business Tutor: Manal Elkhoshkhany, Bachelor's Degree replied 1 year ago
Manal Elkhoshkhany
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