HPA 211 EXAM 1 Questions with
complete solution 2025/2026
what are the four basic Financial statements - correct answer ✔balance sheet, income statement,
statement of stockholders equity, statement of cash flows
What type of industry is the healthcare industry - correct answer ✔the service industry
What is the difference between financial accounting and managerial accounting - correct answer
✔financial: external affairs
managerial: internal affairs
What are org charts? - correct answer ✔structure of organization that shows job relations of
employees in a company
what are assets? - correct answer ✔resources owned by a business
what are assets that do not include the things we owe? - correct answer ✔intangible assets
what is a date certain? - correct answer ✔legally binding date by which a specified action must occur,
according to a particular contract.
what does a balance sheet include? - correct answer ✔what we own and what we owe
Department managers should share what? - correct answer ✔responsibility for financial matters
hospital revenue is currently.... - correct answer ✔fee for service based
, contractual differences - correct answer ✔are the differences between charges and what we get
reimbursed
uncompensated care: - correct answer ✔all of the above
the single largest 3rd party payer is - correct answer ✔medicare
Financial Management elements - correct answer ✔(1) planning, (2) controlling, (3) organizing and
directing, and (4) decision making
what type of organization has shareholders? - correct answer ✔a corporation
Patients accounts receivable should be recorded at - correct answer ✔net realizable value
Gross patient accounts receivable is produced by - correct answer ✔an allowance for doubtful accounts
"Shared responsibility" related to financial management of hospitals refers to - correct answer ✔the
stakeholders
Financial information is used for - correct answer ✔external reporting, annual report, public use
quarterly financial report - correct answer ✔generally have been verified, adjusted and balanced as
hours. Called "interim" reports, often used as milestones by managers
interim financial reports - correct answer ✔Financial reports covering less than one year; usually based
on one-, three- or six-month periods. Publicly listed companies report financial statements every three
months, also referred to as quarterly.
complete solution 2025/2026
what are the four basic Financial statements - correct answer ✔balance sheet, income statement,
statement of stockholders equity, statement of cash flows
What type of industry is the healthcare industry - correct answer ✔the service industry
What is the difference between financial accounting and managerial accounting - correct answer
✔financial: external affairs
managerial: internal affairs
What are org charts? - correct answer ✔structure of organization that shows job relations of
employees in a company
what are assets? - correct answer ✔resources owned by a business
what are assets that do not include the things we owe? - correct answer ✔intangible assets
what is a date certain? - correct answer ✔legally binding date by which a specified action must occur,
according to a particular contract.
what does a balance sheet include? - correct answer ✔what we own and what we owe
Department managers should share what? - correct answer ✔responsibility for financial matters
hospital revenue is currently.... - correct answer ✔fee for service based
, contractual differences - correct answer ✔are the differences between charges and what we get
reimbursed
uncompensated care: - correct answer ✔all of the above
the single largest 3rd party payer is - correct answer ✔medicare
Financial Management elements - correct answer ✔(1) planning, (2) controlling, (3) organizing and
directing, and (4) decision making
what type of organization has shareholders? - correct answer ✔a corporation
Patients accounts receivable should be recorded at - correct answer ✔net realizable value
Gross patient accounts receivable is produced by - correct answer ✔an allowance for doubtful accounts
"Shared responsibility" related to financial management of hospitals refers to - correct answer ✔the
stakeholders
Financial information is used for - correct answer ✔external reporting, annual report, public use
quarterly financial report - correct answer ✔generally have been verified, adjusted and balanced as
hours. Called "interim" reports, often used as milestones by managers
interim financial reports - correct answer ✔Financial reports covering less than one year; usually based
on one-, three- or six-month periods. Publicly listed companies report financial statements every three
months, also referred to as quarterly.
