HCAD 401 Exam 1 Review Questions &
Answers (Grade A+)
The purpose of a not-for-profit healthcare facility is to
A) Make a substantial profit
B) Provide healthcare services to the community
C) Provide healthcare services specifically to the medically indigents
D) Raise funding for research and technology -
correct answer ✅B) Provide healthcare services to the community
What are the five management functions?
A) Planning, communicating, decision making, staffing, controlling
B) Communicating, decision making, coordination, staffing,
controlling
C) Planning, organizing, staffing, directing, controlling
D) Organizing, staffing, decision making, communicating, controlling
-
correct answer ✅C) Planning, organizing, staffing, directing,
controlling
What is the highest level of education most CFOs have completed?
,HCAD 401 Exam 1 Review Questions &
Answers (Grade A+)
A) Bachelor's degree
B) Master's degree
C) Associate's degree
D) Doctoral degree -
correct answer ✅B) Master's degree
Accounting is generally divided into what two major areas?
A) Assets and liabilities
B) Cost accounting and financial accounting
C) Charge-based accounting and cost-based accounting
D) Financial accounting and managerial accounting -
correct answer ✅D) Financial accounting and managerial
accounting
The purpose of financial accounting is to provide
A) Prospective accounting information to external users, including
stakeholders
B) Historic accounting information to internal users, including
managers
, HCAD 401 Exam 1 Review Questions &
Answers (Grade A+)
C) Historic accounting information to external users, such as
stakeholders
D) Prospective accounting information to internal users, including
managers -
correct answer ✅C) Historic accounting information to external
users, such as stakeholders
The purpose of managerial accounting is to provide
A) Current or prospective accounting information to internal users,
including managers
B) Historic accounting information to external users
C) Prospective accounting information to external users
D) Historic accounting information to internal users, including
managers -
correct answer ✅A) Current or prospective accounting information
to internal users, including managers
Historically, the purpose of finance was to
A) Borrow and invest the funds necessary for the organization to
achieve its purpose
Answers (Grade A+)
The purpose of a not-for-profit healthcare facility is to
A) Make a substantial profit
B) Provide healthcare services to the community
C) Provide healthcare services specifically to the medically indigents
D) Raise funding for research and technology -
correct answer ✅B) Provide healthcare services to the community
What are the five management functions?
A) Planning, communicating, decision making, staffing, controlling
B) Communicating, decision making, coordination, staffing,
controlling
C) Planning, organizing, staffing, directing, controlling
D) Organizing, staffing, decision making, communicating, controlling
-
correct answer ✅C) Planning, organizing, staffing, directing,
controlling
What is the highest level of education most CFOs have completed?
,HCAD 401 Exam 1 Review Questions &
Answers (Grade A+)
A) Bachelor's degree
B) Master's degree
C) Associate's degree
D) Doctoral degree -
correct answer ✅B) Master's degree
Accounting is generally divided into what two major areas?
A) Assets and liabilities
B) Cost accounting and financial accounting
C) Charge-based accounting and cost-based accounting
D) Financial accounting and managerial accounting -
correct answer ✅D) Financial accounting and managerial
accounting
The purpose of financial accounting is to provide
A) Prospective accounting information to external users, including
stakeholders
B) Historic accounting information to internal users, including
managers
, HCAD 401 Exam 1 Review Questions &
Answers (Grade A+)
C) Historic accounting information to external users, such as
stakeholders
D) Prospective accounting information to internal users, including
managers -
correct answer ✅C) Historic accounting information to external
users, such as stakeholders
The purpose of managerial accounting is to provide
A) Current or prospective accounting information to internal users,
including managers
B) Historic accounting information to external users
C) Prospective accounting information to external users
D) Historic accounting information to internal users, including
managers -
correct answer ✅A) Current or prospective accounting information
to internal users, including managers
Historically, the purpose of finance was to
A) Borrow and invest the funds necessary for the organization to
achieve its purpose
