HCAD 401 Review Test 1 Questions &
Answers 2024/2025
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 - ANSWERSB) 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 - ANSWERSC) Planning, organizing,
staffing, directing, controlling
What is the highest level of education most CFOs have completed?
A) Bachelor's degree
B) Master's degree
C) Associate's degree
D) Doctoral degree - ANSWERSB) 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 - ANSWERSD) 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
C) Historic accounting information to external users, such as stakeholders
D) Prospective accounting information to internal users, including managers - ANSWERSC) 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 - ANSWERSA) 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
B) Analyze information provided by managerial accounting to evaluate past decisions and make strong
decisions in the future
C) Keep an organization competitive in the industry
D) Make a profit for the organization - ANSWERSA) Borrow and invest the funds necessary for the
organization to achieve its purpose
Answers 2024/2025
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 - ANSWERSB) 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 - ANSWERSC) Planning, organizing,
staffing, directing, controlling
What is the highest level of education most CFOs have completed?
A) Bachelor's degree
B) Master's degree
C) Associate's degree
D) Doctoral degree - ANSWERSB) 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 - ANSWERSD) 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
C) Historic accounting information to external users, such as stakeholders
D) Prospective accounting information to internal users, including managers - ANSWERSC) 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 - ANSWERSA) 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
B) Analyze information provided by managerial accounting to evaluate past decisions and make strong
decisions in the future
C) Keep an organization competitive in the industry
D) Make a profit for the organization - ANSWERSA) Borrow and invest the funds necessary for the
organization to achieve its purpose
