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