Acg test 1 - Study guides, Class notes & Summaries

Financial Accounting 1. Measure business activity 2. Communicate measurements to people for decision making Primary external users of financial accounting info Investors and creditors Financing Activities Involves funding from external sources such as, owners of company who invest their own funds into business and creditors who lend money to the company Investing Activities Involves purchase and sale of long-term resources such as, land, buildings, equipment, and machinery Operating Activiti...

What is a benefit of technology in modern business practice? a) It makes up for a lack of understanding of accounting b) it increases the time, effort, and cost of recording transactions c)Although it has not changed the way accountants summarize data, it has changed the way they process and store data. d) all the above e) none of the above c) Although it has not changed the way accountants summarize data, it has changed the way they process and store data. Which of the following users of accou...

Risk Adjustment Data Element Age, Gende, Socioeconomic status, Disability status, Insurance status(Medicaid, dual-eligible,) Claims data elements such as procedure codes, place of service codes, special patient-specific conditions hospice, ESRD RAF Risk Adjustment Factor Scores Three main types of reviews Retrospective, Concurrent and prospective Retrospective reviews are performed after the information has been reported and in risk adjustment these are prior years dos ...

CCM Practice Test 1|40 Questions with Verified Answers How CM to present recommendations - CORRECT ANSWER in an advisory capacity without ultimatum Retrospective chart reviews - CORRECT ANSWER take most of the case manager's time Depressed fracture - CORRECT ANSWER when a part of the skull is pushed downward from impact Outcomes criteria of CM used for - CORRECT ANSWER to educate clients about factors that are consequential BIll of Particulars - CORRECT ANSWER an extensive compla...

Essential Characteristics of Accounting (1) The identification, measurement, and communication of financial information about (2) economic entities to (3) interested parties. Financial Accounting The process that culminates in the preparation of financial reports on the enterprise for use by both internal and external parties. Most Frequently Provided Financial Statements (1) Balance Sheet (2) Income Statement (3) Statement of Cash Flows (4) Statement of Owners' or Stockholders' Equity Fina...

CRC EXAM QUESTIONS AND ANSWERS 100% PASS Risk Adjustment Data Element Age, Gende, Socioeconomic status, Disability status, Insurance status(Medicaid, dual-eligible,) Claims data elements such as procedure codes, place of service codes, special patient-specific conditions hospice, ESRD RAF Risk Adjustment Factor Scores Three main types of reviews Retrospective, Concurrent and prospective Retrospective reviews are performed after the information has been reported and in risk adjustment these ar...

If the assets of a company are $4,000,000 and its total liabilities equal $1,500,000, then total common stock equals $2,500,000. false, A=L+SE(SE+CS+RE) therefore, this could only be true if RE =$0 The resources (assets) that the company owns are reported on the balance sheet. True The accounting period can be one month, three months, six months, one year or any time frame specified by management. True Generally Accepted Accounting Principles (GAAP) are measurement rules used to develop infor...

CRC EXAM Top Questions with accurate answers, 100% Accurate. Graded A+ Risk Adjustment Data Element - -Age, Gende, Socioeconomic status, Disability status, Insurance status(Medicaid, dual-eligible,) Claims data elements such as procedure codes, place of service codes, special patient-specific conditions hospice, ESRD RAF - -Risk Adjustment Factor Scores Three main types of reviews - -Retrospective, Concurrent and prospective Retrospective - -reviews are performed after the informat...

Assets=Liabillities+Stockholders' Equity The accounting equation Financial Statements Income Statement, Statement of Stockholders' Equity, Balance Sheet, Statement of Cash Flow Common Stock External source of stockholders' equity. Amount invested by stockholders. Retained Earnings Internal, Cumulated amount of net income earned over the life of the company that has been retained by the company. Balance Sheet Financial statement that presents financial position of the company on a particul...

What are the forms of business organization? Sole Proprietorship Partnership Corporation Sole Proprietorship A business owned by a single individual Advantages of a Sole Proprietorship Easy to start- almost no paperwork required Total control- you are the boss Taxes- get taxed once Disadvantages of a Sole Proprietorship Personal liability- if you do something wrong, government can take assets (car, house, etc.) Harder to transfer ownership- hard to sell business No continuous life- if you die...