HFMA'S CSAF, CERTIFIED SPECIALIST ACCOUNTING
AND FINANCE FREQUENTLY TESTED ACTUAL EXAM
QUESTIONS WITH CORRECT ANSWERS
Question 1.
Charitable Donations
ANSWER
Yes
**No
Question 2.
One-time insurance payments.
ANSWER
True
**False
Question 3.
Tax indemnification and gross up payments
ANSWER
**Yes
No
Question 4.
To undertake regular evaluations of disclosure controls and procedures in connection with quarterly
certifications and other reporting obligations.
ANSWER
**Yes
No
,Question 5.
Notes of the Financial Statement
ANSWER
**Yes
No
Question 6.
Unemployment compensation.
ANSWER
**True
False
Question 7.
Tentative and contain fewer details
ANSWER
A. Short-Term
**B. Long-Term
Question 8.
Includes four parts A, B, C, and D
ANSWER
**A. Medicare
B. Medicaid
Question 9.
Which of the following statements is NOT accurate?
ANSWER
A. Healthcare organizations may receive and hold assets owned by others under agency
relationships.
**B. Agency funds are not included in unrestricted net assets.
C. If the provider has concentrations of credit risk related to financial instruments, additional
disclosure may be required.
D. Investments in obligations that are not guaranteed by the government make for potential
exposure to credit risk.
,Question 10.
Required additional disclosure if the provider has concentrations of credit risk related to financial
instruments
ANSWER
Yes
**No
Question 11.
All incidents occurring within the insured period would be covered regardless of when they were
identified or reported.
ANSWER
**A. Occurrence basis
B. Claims-made basis
Question 12.
Asserted claim
ANSWER
Legal actions against provider seeking financial remedy
Question 13.
Reporting and disclosure requirements of nongovernmental healthcare organizations:
ANSWER
Majority of a for-profit voting stock (consolidated statements), sole corporate member of a not-
for-profit entity (consolidated statements), entity controls another entity through a majority
voting interest (consolidated statements), 50% or less common voting stock (Equity Method
FASB ASC 323-10)
Question 14.
Public assistance.
ANSWER
**Yes
No
, Question 15.
Healthcare providers should develop different modeling tools depending on ____________.
ANSWER
**A. The reimbursement method proposed in the contract.
B. Whether it will result in additional business.
C. Cost estimates for each scheduled rate
D. What the cost structure would be
Question 16.
Which of the following is not one of the current trends moving away from the fee for service delivery
payment system:
ANSWER
A. MIPS
B. Comprehensive Care for Joint Replacement (CJR)
C. Accountable Care Organizations (ACO)
**D. Resource Based Relative Value System (RBRVS)
Question 17.
A major cost to health care organizations is high-tech equipment. Fixed Asset management ratios can
help managers understand how much bang for their buck they are getting from their expensive assets.
The Fixed asset turnover ratio specifically measures how efficiently assets are converted into revenue.
Compute the Fixed Asset ratio using applicable information from the following: Total Patient Service
Revenue $250 million, Operating Revenue $75 million, high-tech equipment cost $25 million,
Accumulated depreciation $10 million. The Fixed Asset Turn Over Ratio is
ANSWER
A. 10
B. 3
**C. 5
D. 17
Question 18.
Represents healthcare services that are provided but are never expected to result in cash flows.
ANSWER
A. Bad Debt
**B. Charity Care
AND FINANCE FREQUENTLY TESTED ACTUAL EXAM
QUESTIONS WITH CORRECT ANSWERS
Question 1.
Charitable Donations
ANSWER
Yes
**No
Question 2.
One-time insurance payments.
ANSWER
True
**False
Question 3.
Tax indemnification and gross up payments
ANSWER
**Yes
No
Question 4.
To undertake regular evaluations of disclosure controls and procedures in connection with quarterly
certifications and other reporting obligations.
ANSWER
**Yes
No
,Question 5.
Notes of the Financial Statement
ANSWER
**Yes
No
Question 6.
Unemployment compensation.
ANSWER
**True
False
Question 7.
Tentative and contain fewer details
ANSWER
A. Short-Term
**B. Long-Term
Question 8.
Includes four parts A, B, C, and D
ANSWER
**A. Medicare
B. Medicaid
Question 9.
Which of the following statements is NOT accurate?
ANSWER
A. Healthcare organizations may receive and hold assets owned by others under agency
relationships.
**B. Agency funds are not included in unrestricted net assets.
C. If the provider has concentrations of credit risk related to financial instruments, additional
disclosure may be required.
D. Investments in obligations that are not guaranteed by the government make for potential
exposure to credit risk.
,Question 10.
Required additional disclosure if the provider has concentrations of credit risk related to financial
instruments
ANSWER
Yes
**No
Question 11.
All incidents occurring within the insured period would be covered regardless of when they were
identified or reported.
ANSWER
**A. Occurrence basis
B. Claims-made basis
Question 12.
Asserted claim
ANSWER
Legal actions against provider seeking financial remedy
Question 13.
Reporting and disclosure requirements of nongovernmental healthcare organizations:
ANSWER
Majority of a for-profit voting stock (consolidated statements), sole corporate member of a not-
for-profit entity (consolidated statements), entity controls another entity through a majority
voting interest (consolidated statements), 50% or less common voting stock (Equity Method
FASB ASC 323-10)
Question 14.
Public assistance.
ANSWER
**Yes
No
, Question 15.
Healthcare providers should develop different modeling tools depending on ____________.
ANSWER
**A. The reimbursement method proposed in the contract.
B. Whether it will result in additional business.
C. Cost estimates for each scheduled rate
D. What the cost structure would be
Question 16.
Which of the following is not one of the current trends moving away from the fee for service delivery
payment system:
ANSWER
A. MIPS
B. Comprehensive Care for Joint Replacement (CJR)
C. Accountable Care Organizations (ACO)
**D. Resource Based Relative Value System (RBRVS)
Question 17.
A major cost to health care organizations is high-tech equipment. Fixed Asset management ratios can
help managers understand how much bang for their buck they are getting from their expensive assets.
The Fixed asset turnover ratio specifically measures how efficiently assets are converted into revenue.
Compute the Fixed Asset ratio using applicable information from the following: Total Patient Service
Revenue $250 million, Operating Revenue $75 million, high-tech equipment cost $25 million,
Accumulated depreciation $10 million. The Fixed Asset Turn Over Ratio is
ANSWER
A. 10
B. 3
**C. 5
D. 17
Question 18.
Represents healthcare services that are provided but are never expected to result in cash flows.
ANSWER
A. Bad Debt
**B. Charity Care
