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