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HCAD 760 MIDTERM EXAM QUESTIONS AND ACCURATE ANSWERS
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HCAD 760 MIDTERM EXAM QUESTIONS AND ACCURATE ANSWERS...
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HCAD 760 MIDTERM EXAM QUESTIONS ANDACCURATE ANSWERS
definition of healthcare finance depends on the context of: - ANSWER 1) policymaker or
manager
2) type of healthcare organization
the practice of finance, including both accounting & financial management, within
health services (provider) organizations - ANSWER health care finance
measurement, in financial (dollar) terms, of events that reflect the resources,
operations, & financing of an organization; external reports, taxes - ANSWER
accounting
theory, concepts, & tools necessary to help managers make better financial decisions;
internal, improves organization's opportunities & efficiency - ANSWER financial
management
accounting & financial mgmt independent? - ANSWER No, both capture, measure, & use
data, but with different purpose
characteristics of business: - ANSWER 1) obtains financing from marketplace
2) uses funds to buy assets
3) operates the assets to provide goods or services
4) sells goods or services to create revenue
purposes of business (for profit) - ANSWER max shareholder return
purposes of pure charity - ANSWER max community or mission benefit
, to plan for, acquire, & use resources to maximize the efficiency (& hence value) of the
enterprise - ANSWER principal role of finance
activities of finance - ANSWER 1) planning & budgeting
2) financial reporting
3) capital investment decisions
4) financing decisions
5) working capital management
6) contract management
7) financial risk management
GAAP - ANSWER Generally Accepted Accounting Principles
Four C's (summarize finance activities) - ANSWER 1) Cost minimization
2) Cash sufficiency
3) Capital access
4) Control of financial resources
finance dept usually organized as follows: - ANSWER CFO (VP-Finance)
Comptroller
Tresurer
handles budgeting & reporting & payables & receivables mgmt - ANSWER comptroller
handles acquisition & employment of capital, debt mgmt, & financial risk mgmt -
ANSWER treasurer
__________________________ decreases possibility of stealing - ANSWER segregation of
duties
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