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