FACHE Finance Exam 2023

FACHE Finance Exam 2023 Controllership - ANS-Transaction Accounting Financial Accounting Managerial Accounting Goal Setting and Budgeting Financial Mangement - ANS-Financial Planning Pricing Clinical Services Financial Structures Securing and Managing Liquid Assets Managing Multi Corporate Accounting Auditing - ANS-Internal Audits Compliance Review External Audit Continuous Improvement of the Accounting & Finance Functions - ANS-Stakeholder Satisfaction Improve Performance Reporting Financial Information (Standard for HCOs) - ANS-Balance Sheet Income or Profit-and-Loss Statement Statement of sources and uses of funds Statement of changes in fund balances Freedom of Information Act (FOIA) - ANS-Provides public the right to request access to records from any federal agency. pubic should have general access to information General Ledger - ANS-Technically, the record of all the firm's transactions; the term often refers to the fixed and collective assets, such as depreciation, that must be allocated to operational functions Not-for-profit HCO have substantial obligations to report their financial activities through the the IRS Form 990 mainly for - ANS-Community Benefit and to Justify Tax Exempt Status Net Revenue - ANS-Income actually received as opposed to that initially posted; equal to gross revenue - adjustments for bad debts, charity, and discounts to third parties Gross Revenue - ANS-An entry into the patient to the patient ledger of the charge for a specific healthcare service; no longer a meaningful measure CONTINUES...