NAB: Finance & Business Practice Exam 100% Correct Answers Verified Latest 2024 Version
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NAB: Finance & Business Practice Exam
| 100% Correct Answers | Verified |
Latest 2024 Version
The new accountant informs the administrator that to simplify things, he has incorporated all purchases
that will be paid for the next few years into the accounts payable journal. The administrator sho...
NAB: Finance & Business Practice Exam
| 100% Correct Answers | Verified |
Latest 2024 Version
The new accountant informs the administrator that to simplify things, he has incorporated all purchases
that will be paid for the next few years into the accounts payable journal. The administrator should
_____. - ✔✔c. begin a search for a new accountant
The administrator seeks to be licensed without having to meet all the conditions new entrants would
have to meet. He/she seeks to be ______. - ✔✔grandpersoned
Normally, courts of appeal do not have _____. - ✔✔original jurisdiction.
The administrator decides to offer newer forms of physical therapy that reduce use of currently used
physical therapy methods. He/she has ______ the current methods. - ✔✔cannibalized
Annually, or more often, inventory, to determine beginning inventory, should be ______. - ✔✔c.
physically counted
The quick ratio analysis of current assets is ______ the current ratio. - ✔✔more rigorous than.
is a measure of how well a company can meet its short-term financial liabilities. - ✔✔quick ratio analysis
- Also known as the acid-test ratio, it can be calculated as follows: (Cash + Marketable Securities +
Accounts Receivable) / Current Liabilities.
a liquidity and efficiency ratio that measures a firm's ability to pay off its short-term liabilities with its
current assets. It is an important measure of liquidity because short-term liabilities are due within the
next year. - ✔✔current ratio
, The main difference between the current ratio and the quick ratio - ✔✔Quick Ratio offers a more
conservative view of the company's ability to meets its short-term liabilities with its short-term assets
because it does not include inventory and other current assets that are more difficult to liquidate
An accounting principle requiring the facility to correspond the revenues it earns in a given period to the
expenses it incurred during that same period is the ______. - ✔✔d. matching principle
is the general concept of recognizing expenses and liabilities as soon as possible when there is
uncertainty about the outcome, but to only recognize revenues and assets when they are assured of
being received. - ✔✔The conservatism principle
refers to the ability for financial statements, footnotes and/or supplemental schedules to provide a
comprehensive and clear description of a company's financial position. - ✔✔Adequate disclosure
principle
states that an accounting standard can be ignored if the net impact of doing so has such a small impact
on the financial statements that a reader of the financial statements would not be misled. - ✔✔The
materiality principle
The chain "buys back" a portion of its outstanding stock by giving one new share in place of each four
previously held shares. The chain has accomplished a/an ______. - ✔✔a. reverse split
In general, the ownership patterns for U.S. nursing facilities in 1999 _____. - ✔✔c. varied widely from
state to state
The accrual accounting approach matches revenues and expenses ______. - ✔✔for each time period.
A verdict, given by a jury at the direction of a judge is known as ______. - ✔✔b. directed verdict
is a pre-trial procedure in a lawsuit in which each party, through the law of civil procedure, can obtain
evidence from the other party or parties by a request for answers to interrogatories, request for
production of documents, request for admissions and depositions. Discovery can be obtained from non-
parties using subpoenas. - ✔✔discovery
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