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QUESTION 26
A major difference between the balance sheet of an investor-owned and a non-profit health care organization is in the section.
A. owners’ asset
B. owners’ liability
C. owners’ equity
D. owners’ expense

Correct Answer: C QUESTION 27
Two dates are often shown so that the reader can compare two successive periods, this is called:
A. comparative net assets
B. comparative balance sheet
C. comparative income statement
D. comparative cash flows

Correct Answer: B QUESTION 28
The resources that the organization owns, typically recorded at their original costs are called assets.
A. True
B. False

Correct Answer: A QUESTION 29
The financial obligations of the organization are known as:
A. comparative net assets
B. liabilities
C. expenses
D. none of the above

Correct Answer: B QUESTION 30
Net assets are:
A. The difference between an organization’s assets and liabilities
B. The difference between an owner’s assets and liabilities
C. The difference between a shareholder’s assets and expenses
D. The difference between a stakeholder’s assets and expenses

Correct Answer: A QUESTION 31
In investor-owned organizations, the accounting equation is:
A. Assets are equal to the sum of liabilities and owner’s equity
B. Assets are equal to the sum of liabilities and shareholder’s equity
C. Assets are equal to the sum of liabilities and proprietor’s equity
D. Assets are equal to the sum of liabilities and net assets

Correct Answer: B QUESTION 32
If assets are equal to the sum of liabilities and net assets in an accounting equation then this equation is feasible for:
A. Investor-owned organizations
B. Profit-based organizations
C. Non-profit based organizations
D. None of the above Correct Answer: C
QUESTION 33
Which of the following is NOT included in current assets?
A. Cash and cash equivalents
B. short-term investments
C. patient accounts receivables
D. long-term investments

Correct Answer: D QUESTION 34
A measure of how quickly an asset can be converted into cash is called:
A. Cash conversion
B. Asset conversion
C. Liquidity
D. Equity

Correct Answer: C QUESTION 35
Cash (or cash equivalents) is the most liquid asset on the balance sheet.
A. True
B. False

Correct Answer: A QUESTION 36
By subtracting contractual allowances and charity care discounts from gross patient accounts receivables, what remains is:
A. Patients accounts payable
B. Patients accounts receivable
C. Patients accounts bill
D. Patients cash income

Correct Answer: B QUESTION 37
Health care organizations also present an estimate of how much of their patient accounts receivables they likely will not be able to collect, this estimate is called:
A. Allowance for collectables
B. Expense for collectables
C. Allowance for uncollectables
D. Expense for uncollectables

Correct Answer: C QUESTION 38
Supplies refer to small-dollar items that will be used up or fully consumed within more than two years.
A. True

B. False Correct Answer: B QUESTION 39
What refers to relatively expensive items that will be used over a long period?
A. Supplies
B. Taxes
C. Assets
D. Equipments

Correct Answer: D QUESTION 40
What is relatively costly item that allow the organization to deliver service over time?
A. Equipment
B. Supplies
C. Noncurrent asset
D. Current asset

Correct Answer: C QUESTION 41
Noncurrent assets require special management attention because of their liquidity and transportability, current assets require special attention because of their cost and extensive time horizon it takes to plan, acquire and manage them.
A. True
B. False

Correct Answer: B QUESTION 42
Assets limited to use, long-term investments, property and equipment are all categories of:
A. Current assets
B. Account investments
C. Noncurrent assets
D. None of the above

Correct Answer: C QUESTION 43
is a measure of how much a tangible asset (such as plant or equipment) has been used up or consumed.
A. Depreciation
B. Equity
C. Retail cost
D. None of the above

Correct Answer: A QUESTION 44
The total amount of depreciation taken on as asset since it was put into use is called:
A. Approved Depreciation
B. Accumulated Depreciation
C. Accounted Depreciation D. All of the above

Correct Answer: B QUESTION 45
What are the financial obligations that, due to their contractual terms, will be paid within one year?
A. Current assets
B. Current liabilities
C. Current financial reviews
D. Current payors

Correct Answer: B

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