MHA 706 CHAPTER 3 HEALTHCARE
FINANCE EXAM QUIZ WITH CORRECT
ANSWERS SHORT AND DIRECT
TERMS ASSURED EXCEL!!
HEALTHCARE FINANCE EXAM REVISION MATERIAL (PART III)
Financial Accounting Statements
1. Financial accounting information is conveyed by a business's financial statements. The four
most important are:
a) Income Statement
b) Statement of Change in Equity
c) Book Value
d) Balance Sheet
e) Statement of Cash Flow
CORRECT ANSWERS: A, B, D, and E
• Income Statement
• Statement of Changes in Equity
• Balance Sheet
• Statement of Cash Flows
Book Value is not a financial statement.
Matching Terms and Definitions
2. Please match the term with the description that best matches it.
a) Securities and Exchange Commission (SEC)
CORRECT ANSWER: Has the legal authority to regulate the form and content of financial
statements of publicly traded companies.
b) Generally Accepted Accounting Principles (GAAP)
, CORRECT ANSWER: A set of guidelines for the preparation of financial accounting
statements.
c) Cash Accounting
CORRECT ANSWER: Recognizes income when cash is received.
d) Accrual Accounting
CORRECT ANSWER: Recognizes income when cash obligations are created.
GAAP Categories
3. Generally Accepted Accounting Principles (GAAP) are comprised of assumptions, principles,
and constraints. Match the term to its category.
a) Going Concern
CORRECT ANSWER: GAAP Assumption
b) Expense Matching
CORRECT ANSWER: GAAP Principle
c) Materiality
CORRECT ANSWER: GAAP Constraint
Other Names for the Income Statement
4. There are other names for an Income Statement. Select the correct answers.
a) Statement of Activities
b) Statement of Operations
c) Statement of Revenues and Expenses
d) Statement of Financial Position
CORRECT ANSWERS: A, B, and C
• Statement of Activities
• Statement of Operations
• Statement of Revenues and Expenses
FINANCE EXAM QUIZ WITH CORRECT
ANSWERS SHORT AND DIRECT
TERMS ASSURED EXCEL!!
HEALTHCARE FINANCE EXAM REVISION MATERIAL (PART III)
Financial Accounting Statements
1. Financial accounting information is conveyed by a business's financial statements. The four
most important are:
a) Income Statement
b) Statement of Change in Equity
c) Book Value
d) Balance Sheet
e) Statement of Cash Flow
CORRECT ANSWERS: A, B, D, and E
• Income Statement
• Statement of Changes in Equity
• Balance Sheet
• Statement of Cash Flows
Book Value is not a financial statement.
Matching Terms and Definitions
2. Please match the term with the description that best matches it.
a) Securities and Exchange Commission (SEC)
CORRECT ANSWER: Has the legal authority to regulate the form and content of financial
statements of publicly traded companies.
b) Generally Accepted Accounting Principles (GAAP)
, CORRECT ANSWER: A set of guidelines for the preparation of financial accounting
statements.
c) Cash Accounting
CORRECT ANSWER: Recognizes income when cash is received.
d) Accrual Accounting
CORRECT ANSWER: Recognizes income when cash obligations are created.
GAAP Categories
3. Generally Accepted Accounting Principles (GAAP) are comprised of assumptions, principles,
and constraints. Match the term to its category.
a) Going Concern
CORRECT ANSWER: GAAP Assumption
b) Expense Matching
CORRECT ANSWER: GAAP Principle
c) Materiality
CORRECT ANSWER: GAAP Constraint
Other Names for the Income Statement
4. There are other names for an Income Statement. Select the correct answers.
a) Statement of Activities
b) Statement of Operations
c) Statement of Revenues and Expenses
d) Statement of Financial Position
CORRECT ANSWERS: A, B, and C
• Statement of Activities
• Statement of Operations
• Statement of Revenues and Expenses
