HCAD 375 Exam 1 Questions With
Correct Answers
Many facilities either employ or contract with _____ to perform
| | | | | | | | | |
accounting and/or financial analysis - CORRECT ANSWER✔✔-
| | | | | |
Accountants
A 1 year accounting period is generally referred to as - CORRECT
| | | | | | | | | | | |
ANSWER✔✔-An organization's fiscal year | | |
What is the basic accounting equation? - CORRECT ANSWER✔✔-Assets
| | | | | | | | |
= Liabilities + Owners Equity
| | | |
What type of accounting method is generally used in health care? -
| | | | | | | | | | | |
CORRECT ANSWER✔✔-(Accounting in health care follows- GAAP)
| | | | | | |
Accrual accounting is the standard for heath care accounting
| | | | | | | |
Why do many organizations hire financial specialists? - CORRECT
| | | | | | | | |
ANSWER✔✔--Due to a bunch of special forms that need to be filled out
| | | | | | | | | | | | |
for Medicare and Medicaid reimbursement, facilities call financial
| | | | | | | |
,specialists who deal exclusively with regulations & procedures inherent
| | | | | | | | |
in Medicare and Medicaid reimbursement
| | | | |
-Most facilities also have a fixed budget and require timely
| | | | | | | | | |
remuneration
Describe the role of a "bookkeeper" - CORRECT ANSWER✔✔--Not
| | | | | | | | |
formally trained in accounting but handles entries such as
| | | | | | | |
-Addressing accounts receivable and monitor resident billing
| | | | | |
-Mailing monthly statements to residents and families
| | | | | |
-Writing checks
|
-Keeping track of disbursements
| | |
-Making sure office finances are being addressed in a timely and orderly
| | | | | | | | | | | |
fashion
The "income statement" may also be called - CORRECT ANSWER✔✔-
| | | | | | | | |
Profit/Loss statement |
,The ____ examines financial status at a point in time - CORRECT
| | | | | | | | | | | |
ANSWER✔✔-Balance sheet |
The ____ examines financial activity over a period of time - CORRECT
| | | | | | | | | | | |
ANSWER✔✔-Income statement |
What has led to increased HC costs? - CORRECT ANSWER✔✔--Aging
| | | | | | | | | |
population |
-Newly insured under ACA
| | |
-Uninsured |
-Rx drugs
| |
-More advanced medical technology
| | | |
-Chronic disease | |
-Defensive medicine |
, What has led to decreased HC costs? - CORRECT ANSWER✔✔--
| | | | | | | | |
Employer incentives | |
-Increase (cost conscious)
| |
-Increase in IT to manage chronic care
| | | | | | |
-Prevent medical errors
| | |
-Generic drugs | |
-More outpatient/home services
| | |
-Improved management techniques
| | |
-R4P value-based purchasing
| | |
-Economics of scale in purchasing
| | | | |
-Evidence based medicine| |
Correct Answers
Many facilities either employ or contract with _____ to perform
| | | | | | | | | |
accounting and/or financial analysis - CORRECT ANSWER✔✔-
| | | | | |
Accountants
A 1 year accounting period is generally referred to as - CORRECT
| | | | | | | | | | | |
ANSWER✔✔-An organization's fiscal year | | |
What is the basic accounting equation? - CORRECT ANSWER✔✔-Assets
| | | | | | | | |
= Liabilities + Owners Equity
| | | |
What type of accounting method is generally used in health care? -
| | | | | | | | | | | |
CORRECT ANSWER✔✔-(Accounting in health care follows- GAAP)
| | | | | | |
Accrual accounting is the standard for heath care accounting
| | | | | | | |
Why do many organizations hire financial specialists? - CORRECT
| | | | | | | | |
ANSWER✔✔--Due to a bunch of special forms that need to be filled out
| | | | | | | | | | | | |
for Medicare and Medicaid reimbursement, facilities call financial
| | | | | | | |
,specialists who deal exclusively with regulations & procedures inherent
| | | | | | | | |
in Medicare and Medicaid reimbursement
| | | | |
-Most facilities also have a fixed budget and require timely
| | | | | | | | | |
remuneration
Describe the role of a "bookkeeper" - CORRECT ANSWER✔✔--Not
| | | | | | | | |
formally trained in accounting but handles entries such as
| | | | | | | |
-Addressing accounts receivable and monitor resident billing
| | | | | |
-Mailing monthly statements to residents and families
| | | | | |
-Writing checks
|
-Keeping track of disbursements
| | |
-Making sure office finances are being addressed in a timely and orderly
| | | | | | | | | | | |
fashion
The "income statement" may also be called - CORRECT ANSWER✔✔-
| | | | | | | | |
Profit/Loss statement |
,The ____ examines financial status at a point in time - CORRECT
| | | | | | | | | | | |
ANSWER✔✔-Balance sheet |
The ____ examines financial activity over a period of time - CORRECT
| | | | | | | | | | | |
ANSWER✔✔-Income statement |
What has led to increased HC costs? - CORRECT ANSWER✔✔--Aging
| | | | | | | | | |
population |
-Newly insured under ACA
| | |
-Uninsured |
-Rx drugs
| |
-More advanced medical technology
| | | |
-Chronic disease | |
-Defensive medicine |
, What has led to decreased HC costs? - CORRECT ANSWER✔✔--
| | | | | | | | |
Employer incentives | |
-Increase (cost conscious)
| |
-Increase in IT to manage chronic care
| | | | | | |
-Prevent medical errors
| | |
-Generic drugs | |
-More outpatient/home services
| | |
-Improved management techniques
| | |
-R4P value-based purchasing
| | |
-Economics of scale in purchasing
| | | | |
-Evidence based medicine| |
