Healthcare Finance Midterm Exam
Question and answers already passed
2025/2026
Asset - correct answer ✔Economic resource expected to be of benefit in the future
List of Assets - correct answer ✔Cash, accounts receivable, inventory, prepaid expenses
Liability - correct answer ✔Debts/obligations owed by one entity to another entity payable in money,
goods, or services
List of liablities - correct answer ✔Accounts payable, debt, salaries payable
Owner's equity - correct answer ✔The residual interest in the assets of a business after deducting
liabilities
Revenues - correct answer ✔Sales of products/merchandise/SERVICES to be payed in the future;
earnings from INTEREST
Expense - correct answer ✔WILL ALWAYS BE A LEFT-SIDED ENTRY; something spent on a specific item
General ledger - correct answer ✔Collection of all ASSET, LIABILITY, owner's EQUITY, REVENUE, and
EXPENSE accounts
Trial Balance - correct answer ✔A comparison of the total DEBIT and CREDIT balances in the LEDGER to
check that they are equal
Question and answers already passed
2025/2026
Asset - correct answer ✔Economic resource expected to be of benefit in the future
List of Assets - correct answer ✔Cash, accounts receivable, inventory, prepaid expenses
Liability - correct answer ✔Debts/obligations owed by one entity to another entity payable in money,
goods, or services
List of liablities - correct answer ✔Accounts payable, debt, salaries payable
Owner's equity - correct answer ✔The residual interest in the assets of a business after deducting
liabilities
Revenues - correct answer ✔Sales of products/merchandise/SERVICES to be payed in the future;
earnings from INTEREST
Expense - correct answer ✔WILL ALWAYS BE A LEFT-SIDED ENTRY; something spent on a specific item
General ledger - correct answer ✔Collection of all ASSET, LIABILITY, owner's EQUITY, REVENUE, and
EXPENSE accounts
Trial Balance - correct answer ✔A comparison of the total DEBIT and CREDIT balances in the LEDGER to
check that they are equal
