INTRODUCTION TO HEALTHCARE FINANCE
REVIEW QUESTIONS WITH 100% CORRECT
ANSWERS
Federal Accounting Standards Advisory Board (FASAB) mission
serves the public interest by improving federal financial reporting through issuing federal
financial accounting standards and providing guidance after considering the needs of external
and internal users of federal financial information
the FASAB is an independent organization that works towards
setting the accounting standards for all businesses that operate in the private community
the FASAB works to provide for public accountability through
financial reports that include financial statements that are prepared in a format that is compatible
with generally accepted accounting principles
the FASAB sets the accounting standards for federal and other entities that will
assist them in selecting the most applicable form of guidance to use in preparing and auditing
accounting and financial reports and this is accomplished through 2 types of information sources
labeled authoritative and other
the authoritative source is considered to be the
FASAB Handbook of Accounting Standards and Other Pronouncements or otherwise known as
the FASAB Handbook
the other sources of information that the FASAB has developed include
guides, reports, and other documents that are not considered authoritative sources but can be
appropriate if they are utilized in the proper environment
Generally Accepted Accounting Principles (GAAP) consists of accounting principles that
are used in the preparation of
financial reports and statements for businesses or entities
GAAP is often used to describe..
the body of rules and requirements that shape the preparation of the 4 primary financial
statements
GAAP establishes the
, measurement of economic activity, time when such measurements are to be made and recorded,
disclosures surrounding this activity, and preparation and presentation of summarized economic
information in the form of financial statements
what are the 2 categories of accounting principles?
recognition and disclosure
recognition definition
covers timing and measurement of items to enter the accounting cycle
disclosure definition
involves non-numeric issues such as reporting all data
Securities and Exchange Commission (SEC) mission
protect investors, maintain fair, orderly and efficient markets, and facilitate capital formation
what is the SEC's responsibility?
to interpret and enforce federal securities laws, issue new and amend existing rules, oversee the
inspection of securities firms, oversee private regulatory organizations, and coordinate
regulations with federal, state, and foreign authorities
SEC violations include
insider trading, fraud, and companies providing misleading information surrounding the
securities they issue
Internal Revenue Service (IRS) definition
department of the United States Treasury and is considered to be one of the most efficient tax
administrators
IRS mission
provide to the American taxpayers the highest quality services surrounding their personal taxes
and business taxes and helping them understand their tax responsibilities and in the process of
doing this, enforce the law fairly and with the highest integrity
Medicare was designated as being
Health Insurance for the Aged and Disabled
Medicare legislation started a program that provided
health insurance for persons over the age of 65 to complement other insurances a person may
have, such as retirement benefits, survivor's benefits, and disability insurance benefits
Medicare includes what two related health insurance programs?
REVIEW QUESTIONS WITH 100% CORRECT
ANSWERS
Federal Accounting Standards Advisory Board (FASAB) mission
serves the public interest by improving federal financial reporting through issuing federal
financial accounting standards and providing guidance after considering the needs of external
and internal users of federal financial information
the FASAB is an independent organization that works towards
setting the accounting standards for all businesses that operate in the private community
the FASAB works to provide for public accountability through
financial reports that include financial statements that are prepared in a format that is compatible
with generally accepted accounting principles
the FASAB sets the accounting standards for federal and other entities that will
assist them in selecting the most applicable form of guidance to use in preparing and auditing
accounting and financial reports and this is accomplished through 2 types of information sources
labeled authoritative and other
the authoritative source is considered to be the
FASAB Handbook of Accounting Standards and Other Pronouncements or otherwise known as
the FASAB Handbook
the other sources of information that the FASAB has developed include
guides, reports, and other documents that are not considered authoritative sources but can be
appropriate if they are utilized in the proper environment
Generally Accepted Accounting Principles (GAAP) consists of accounting principles that
are used in the preparation of
financial reports and statements for businesses or entities
GAAP is often used to describe..
the body of rules and requirements that shape the preparation of the 4 primary financial
statements
GAAP establishes the
, measurement of economic activity, time when such measurements are to be made and recorded,
disclosures surrounding this activity, and preparation and presentation of summarized economic
information in the form of financial statements
what are the 2 categories of accounting principles?
recognition and disclosure
recognition definition
covers timing and measurement of items to enter the accounting cycle
disclosure definition
involves non-numeric issues such as reporting all data
Securities and Exchange Commission (SEC) mission
protect investors, maintain fair, orderly and efficient markets, and facilitate capital formation
what is the SEC's responsibility?
to interpret and enforce federal securities laws, issue new and amend existing rules, oversee the
inspection of securities firms, oversee private regulatory organizations, and coordinate
regulations with federal, state, and foreign authorities
SEC violations include
insider trading, fraud, and companies providing misleading information surrounding the
securities they issue
Internal Revenue Service (IRS) definition
department of the United States Treasury and is considered to be one of the most efficient tax
administrators
IRS mission
provide to the American taxpayers the highest quality services surrounding their personal taxes
and business taxes and helping them understand their tax responsibilities and in the process of
doing this, enforce the law fairly and with the highest integrity
Medicare was designated as being
Health Insurance for the Aged and Disabled
Medicare legislation started a program that provided
health insurance for persons over the age of 65 to complement other insurances a person may
have, such as retirement benefits, survivor's benefits, and disability insurance benefits
Medicare includes what two related health insurance programs?
