HFMA's CSAF 2025, Certified Specialist Accounting and Finance QUESTIONS AND
ANSWERS EXAM - ACTUAL EXAM WITH A STUDY GUIDE AND PRACTICE EXAM |
GUARANTEED PASS | LATEST UPDATE
Admissions, ALOS, Expense per visit, Inflation on expense, FTE per visit,
Productivity on FTE per visit, Labor cost per FTE, Net Rev per visit -
CORRECT ANSWER A budgeting process develops assumptions for the
following:
Historical statistics, Historical relationship of department volume,
anticipated effects of new programs, clinical practice patters, covered
lives in global payment risk programs, changes in regulatory
environment, technical developments, process improvements,
marketing efforts, demographic trends - CORRECT ANSWER Operating
budget's statistical factors include
for management to determine if resources are being used efficiently -
CORRECT ANSWER The primary purpose of measuring productivity is
fixed and flexible - CORRECT ANSWER Budget types include
Volume, rate (charged), price (of a supply), and efficiency (cost per
procedure). - CORRECT ANSWER The four budget variances used to
explain by cause are
Payback, Net Present Value Method, Return on Investment - CORRECT
ANSWER Three common Capital Evaluation techniques
Board of Directors, Management, Health Systems Agencies, Creditors,
Employee Unions, Rate Regulators - CORRECT ANSWER Users of ratio
analysis
,Profitability Ratios, Liquidity Ratios, Activity Ratios, Capital Structure
Ratios - CORRECT ANSWER The categories of ratios used
Revenue bonds and General Obligation Bonds - CORRECT ANSWER
Two common types of long-term debt
Take advantage of lower interest rates, change collateral restrictions,
allow acquisition of other assets, better fit debt service requriements -
CORRECT ANSWER Undertake debt restructuring by either retiring or
reacquiring existing debt for 4 reasons
the borrower intended to protect the lender against default by the
borrower. - CORRECT ANSWER Healthcare bond issues place legal
obligations on
you need to know the payment flow or payment pattern and the
interest rate - CORRECT ANSWER In order to use the discounted cash
flow method
Cash Outflow, Cash Inflow, Economic Life, Opportunity Cost of funds -
CORRECT ANSWER Every capital investment proposal requires 4
quantifiable factors
Discounted cash flow method, Replacement cost method, Market
comparison - CORRECT ANSWER Three significant Investment
valuation methods
Internal and External - CORRECT ANSWER Two types of equity
financing
get transferred to the lessee. The lessor recovers full price and interest
during the lease. - CORRECT ANSWER In a capital lease, all of the
benefits and risks of owner except title or ending (salvage value)
,when the hospital is liable for the leasing cost; renewal options are
determined by the fair market value - CORRECT ANSWER An operating
lease is
working capital is conserved, budgetary control, tax benefits may be
realized, project may be financed 100%, lessee has greater flexibility in
replacing equipment - CORRECT ANSWER Advantages of leasing
Cost of extending the lease may be more than the actual purchase price,
Interest costs are higher than debt, third parties will recognize a full
lease payment as allowable only if a true operating lease, the leasing
company frequently passes the cost of property tax to the lessors -
CORRECT ANSWER Disadvantages of leasing
Provisions or structure of the financing, competitive environment and
market position, medical staff characteristics, management capability,
financial - CORRECT ANSWER When issuing a rating on a specific
organization, a rating agency will commonly consider the following
Cash receipts and disbursements Method, Adjusted Net Income
Method, Working Capital Differential Method - CORRECT ANSWER
Methods of a Cash budget:
Identify cash requirements and sources for a certain period of time,
control the flow of cash funds - CORRECT ANSWER Primary purposes
of a cash budget:
Controlled Disbursement Account, Depository Account, Concentration
Account and Zero Balance Account, Sweep Account - CORRECT ANSWER
Healthcare organizations use commercial banking services for:
, Ability of the organization to manage overall revenue cycle, projection
of costs, variability in activities that impact both revenues and expenses,
regularly recurring or periodic expenses, timing of capital purchases -
CORRECT ANSWER The components incorporated in a cash budget:
Establishes a framework to make investment decisions and evaluate
results - CORRECT ANSWER An investment policy
asset allocation models - CORRECT ANSWER The returns, risks, and
correlation are the primary inputs for
maturity (liquidity) risk, interest rate risk, credit risk, political (legal) risk,
market (price) risk - CORRECT ANSWER Different types of asset
allocation risks are as follows:
Effectiveness and efficiency of operations, Reliability of financial
reporting (external and internal), compliance with applicable laws and
regulations - CORRECT ANSWER Three Internal control objectives:
Enhanced standards for accountability and penalties for wrongdoing. -
CORRECT ANSWER Sarbanes-Oxley established:
Disclosure controls, ensuring specified information (controls) is made
known to them, regular evaluations of controls with quarterly
certifications - CORRECT ANSWER Sarbanes-Oxley makes it so that
CEOs and CFOs are responsible for:
Register public accounting firms, establish audit standards, inspect
accounting firms, disciplinary proceedings and appropriate sanctions,
PCAOB budget. - CORRECT ANSWER PCAOB does:
Objective, Date, Evaluation - CORRECT ANSWER Components of
auditor's attestation report:
ANSWERS EXAM - ACTUAL EXAM WITH A STUDY GUIDE AND PRACTICE EXAM |
GUARANTEED PASS | LATEST UPDATE
Admissions, ALOS, Expense per visit, Inflation on expense, FTE per visit,
Productivity on FTE per visit, Labor cost per FTE, Net Rev per visit -
CORRECT ANSWER A budgeting process develops assumptions for the
following:
Historical statistics, Historical relationship of department volume,
anticipated effects of new programs, clinical practice patters, covered
lives in global payment risk programs, changes in regulatory
environment, technical developments, process improvements,
marketing efforts, demographic trends - CORRECT ANSWER Operating
budget's statistical factors include
for management to determine if resources are being used efficiently -
CORRECT ANSWER The primary purpose of measuring productivity is
fixed and flexible - CORRECT ANSWER Budget types include
Volume, rate (charged), price (of a supply), and efficiency (cost per
procedure). - CORRECT ANSWER The four budget variances used to
explain by cause are
Payback, Net Present Value Method, Return on Investment - CORRECT
ANSWER Three common Capital Evaluation techniques
Board of Directors, Management, Health Systems Agencies, Creditors,
Employee Unions, Rate Regulators - CORRECT ANSWER Users of ratio
analysis
,Profitability Ratios, Liquidity Ratios, Activity Ratios, Capital Structure
Ratios - CORRECT ANSWER The categories of ratios used
Revenue bonds and General Obligation Bonds - CORRECT ANSWER
Two common types of long-term debt
Take advantage of lower interest rates, change collateral restrictions,
allow acquisition of other assets, better fit debt service requriements -
CORRECT ANSWER Undertake debt restructuring by either retiring or
reacquiring existing debt for 4 reasons
the borrower intended to protect the lender against default by the
borrower. - CORRECT ANSWER Healthcare bond issues place legal
obligations on
you need to know the payment flow or payment pattern and the
interest rate - CORRECT ANSWER In order to use the discounted cash
flow method
Cash Outflow, Cash Inflow, Economic Life, Opportunity Cost of funds -
CORRECT ANSWER Every capital investment proposal requires 4
quantifiable factors
Discounted cash flow method, Replacement cost method, Market
comparison - CORRECT ANSWER Three significant Investment
valuation methods
Internal and External - CORRECT ANSWER Two types of equity
financing
get transferred to the lessee. The lessor recovers full price and interest
during the lease. - CORRECT ANSWER In a capital lease, all of the
benefits and risks of owner except title or ending (salvage value)
,when the hospital is liable for the leasing cost; renewal options are
determined by the fair market value - CORRECT ANSWER An operating
lease is
working capital is conserved, budgetary control, tax benefits may be
realized, project may be financed 100%, lessee has greater flexibility in
replacing equipment - CORRECT ANSWER Advantages of leasing
Cost of extending the lease may be more than the actual purchase price,
Interest costs are higher than debt, third parties will recognize a full
lease payment as allowable only if a true operating lease, the leasing
company frequently passes the cost of property tax to the lessors -
CORRECT ANSWER Disadvantages of leasing
Provisions or structure of the financing, competitive environment and
market position, medical staff characteristics, management capability,
financial - CORRECT ANSWER When issuing a rating on a specific
organization, a rating agency will commonly consider the following
Cash receipts and disbursements Method, Adjusted Net Income
Method, Working Capital Differential Method - CORRECT ANSWER
Methods of a Cash budget:
Identify cash requirements and sources for a certain period of time,
control the flow of cash funds - CORRECT ANSWER Primary purposes
of a cash budget:
Controlled Disbursement Account, Depository Account, Concentration
Account and Zero Balance Account, Sweep Account - CORRECT ANSWER
Healthcare organizations use commercial banking services for:
, Ability of the organization to manage overall revenue cycle, projection
of costs, variability in activities that impact both revenues and expenses,
regularly recurring or periodic expenses, timing of capital purchases -
CORRECT ANSWER The components incorporated in a cash budget:
Establishes a framework to make investment decisions and evaluate
results - CORRECT ANSWER An investment policy
asset allocation models - CORRECT ANSWER The returns, risks, and
correlation are the primary inputs for
maturity (liquidity) risk, interest rate risk, credit risk, political (legal) risk,
market (price) risk - CORRECT ANSWER Different types of asset
allocation risks are as follows:
Effectiveness and efficiency of operations, Reliability of financial
reporting (external and internal), compliance with applicable laws and
regulations - CORRECT ANSWER Three Internal control objectives:
Enhanced standards for accountability and penalties for wrongdoing. -
CORRECT ANSWER Sarbanes-Oxley established:
Disclosure controls, ensuring specified information (controls) is made
known to them, regular evaluations of controls with quarterly
certifications - CORRECT ANSWER Sarbanes-Oxley makes it so that
CEOs and CFOs are responsible for:
Register public accounting firms, establish audit standards, inspect
accounting firms, disciplinary proceedings and appropriate sanctions,
PCAOB budget. - CORRECT ANSWER PCAOB does:
Objective, Date, Evaluation - CORRECT ANSWER Components of
auditor's attestation report:
