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