HSM 340 Week 2 Quiz

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HSM 340 Week 2 Quiz

 1.Question :(TCO 2) A statement that reports inflows and outflows of cash during the accounting period in the categories of operations, investing, and financing, is called a(an):
Student Answer: Income statement
 Statement of retained earnings
 Balance sheet
 Statement of cash flows
 Report of management
 2.Question :(TCO 2) Which method(s) of financial reporting does (do) not recognize the impact of changes in purchasing power?
Student Answer: HC
 Both A and C
 B and D
 A and B
 3.Question :(TCO 2) Which of the following is the BEST example of a financial metric?
Student Answer: Degree of innovation
 Employee empowerment
 Accreditation by the Joint Commission on Accreditation of Healthcare Organizations
 Total margin
 Length of stay
 4.Question :(TCO 2) What is/(are) the primary determinant(s) of firm value?
Student Answer: Profit
 Cost of capital
 All of above
 5.Question :(TCO 2) How are revenues and expenses defined under accrual accounting?

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 6.Question :(TCO 2) What is an audit (in the context of financial accounting)?
 7.Question :(TCO 2) The HC method, which uses unadjusted historical costs, does not take into account depreciation expenses, purchasing power, and unrealized gains in replacement value. Despite these weaknesses as a financial reporting method, the HC method is used more frequently for accounting purposes than other methods, such as the HC-GPL, CV, and CV-GPL methods. Why is this so?
 8.Question :(TCO 2) Define and describe the purpose of fund accounting (now called net assets).



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