UAMS Lab. Management Exam 3 Questions with Verified Answers
Rated A
what is financial accounting? what financial services offered by a laboratory
document is used? - ANSWER -dedicated to
recording the "bottom line" financial position of the
organization; often referred as the scored keeping hourly rate - ANSWER -Used to set charges for
function the use of specialized areas.
- balance sheet -the total cost of the department and projection of the
total hours service will be used are calculated to
establish the amount of revenue necessary to cover
What is cost accounting(managerial the expenses of the department/
accounting)?what financial document is used? -
ANSWER -tracks where expenses are incurred
and assign responsibility for their expenditure. surcharge/cost-plus - ANSWER -most common
-budget for establishing a charge.
A markup is added to the cost of an item to arrive at a
charge
source of revenue: Captive Revenue Tests -
ANSWER -tests in which the patients have no
choice of location. This usually means procedures Weighted-value basis - ANSWER -a weighted
requested through the hospital for inpatients, value is assigned to a test and then multiplied by a
outpatients, and emergency room patients cost-per-weighted-unit factor
-used by ancillary services like lab and rad depts.
source of revenue: discretionary test -
ANSWER -the client may select the location. Pt
may be referred by physicians, outpatient historical method - ANSWER -current prices are
departments, insurance companies, or industrial increased by a specified percentage, based on
outreach programs. estimated changes in costs and inflation
Cash accounting basis - ANSWER -Bills are salary and wage cost evaluation:
paid as they are presented and revenue is counted Institutional labor cost evaluation - ANSWER -
when it is actually received Examines personnel in terms of employment
relationships.
4 stages:
accrual accounting basis - ANSWER -an 1. recruitment and acquisition costs
accounting method that attempts to measure net 2. training or development
income for a particular period by "matching" 3. productive or operational periods
expenses against revenues 4. Costs associated with the termination and
separation of employees from the institution.
Diagnostic Related Groups (DRGs) -
ANSWER -A federal government-established salary and wage cost evaluation:
payment system for hospitals based on diagnosis. technical evaluation of labor costs - ANSWER -
includes: medicare,medicaid, all inpatients looks at work flow and tasks performed that generate
expenses.
1.preanalytical time
Master Charge Description File Listing (MCDFL) - 2. analytical times
ANSWER -a menu of procedures and prices for 3. postanalytical time
1/5
, UAMS Lab. Management Exam 3 Questions with Verified Answers
Rated A
- expenditures.
3 It establishes anticipated workload and translates
that workload into anticipated revenue and expense
salary and wage cost evaluation: for each department. •4
accounting and budget perspective - It compares future expenditures and staffing levels
ANSWER -evaluates the actual labor costs of against actual expenditures and staffing levels. 5
the lab. involved in delivering a service. It must be formally adopted by Hospital
-total paid hours Administration each year.
-productive(worked) hours
-nonproductive(benefits) hours
Budgeting - ANSWER -the process of planning.
forecasting, controlling, and monitoring the financial
Full-time equivalent (FTE) - ANSWER -an resources of the organization.
accounting calculation of the number of full-time
employees represented by the payroll hours.
#of hours(total, productive, or nonproductive) / 2080 capital budget - ANSWER -plans for the
acquisition and completion f specific equipment and
building projects that require major financial
productivity model - ANSWER -FORMULA: commitments.
workload units / by labor units
labor unit (lab): charges or billable procedures
operational budgeting - ANSWER -the process
of planning for the lab. as an ongoing business
Salary Budget - ANSWER -projections consist concern, accounting for everyday needs and
of two processes: expenditures.
1. a document that list very position authorized along - helps maintain management control of the financial
with the name f the individual filling each job, resources of the laboratory.
maintained and monitored by personnel and payroll
2. the normal reports associated with the budgeting
process using financial and accounting information. flexible budgeting - ANSWER -process that
attempts to set expenditure based on a variable
workload volume.
minimum-MAXIMUM stock replenishing techniques -
ANSWER -One method for determining when
and how much to reorder is to establish a set zero-based budgeting - ANSWER -Method that
point(min) at which inventory is to be recorded and a analyzes needs based on prioritizing of goals and
"reorder to" (max) level to be maintained. objectives and not on past allocations.
just-in-time stock replenish techniques - pro forma budget - ANSWER -budget based on
ANSWER -This is a commitment by the the extrapolation of historical data
supplier to guarantee delivery of an item at the exact
moment of need.
Budget Objective - ANSWER -management
control of the financial resources of the organization.
what is budget? - ANSWER -1.It is the annual
financial plan for the Laboratory
2.It is a forecast of all cash sources and cash Direct costs - ANSWER -Specifically connected
2/5
Rated A
what is financial accounting? what financial services offered by a laboratory
document is used? - ANSWER -dedicated to
recording the "bottom line" financial position of the
organization; often referred as the scored keeping hourly rate - ANSWER -Used to set charges for
function the use of specialized areas.
- balance sheet -the total cost of the department and projection of the
total hours service will be used are calculated to
establish the amount of revenue necessary to cover
What is cost accounting(managerial the expenses of the department/
accounting)?what financial document is used? -
ANSWER -tracks where expenses are incurred
and assign responsibility for their expenditure. surcharge/cost-plus - ANSWER -most common
-budget for establishing a charge.
A markup is added to the cost of an item to arrive at a
charge
source of revenue: Captive Revenue Tests -
ANSWER -tests in which the patients have no
choice of location. This usually means procedures Weighted-value basis - ANSWER -a weighted
requested through the hospital for inpatients, value is assigned to a test and then multiplied by a
outpatients, and emergency room patients cost-per-weighted-unit factor
-used by ancillary services like lab and rad depts.
source of revenue: discretionary test -
ANSWER -the client may select the location. Pt
may be referred by physicians, outpatient historical method - ANSWER -current prices are
departments, insurance companies, or industrial increased by a specified percentage, based on
outreach programs. estimated changes in costs and inflation
Cash accounting basis - ANSWER -Bills are salary and wage cost evaluation:
paid as they are presented and revenue is counted Institutional labor cost evaluation - ANSWER -
when it is actually received Examines personnel in terms of employment
relationships.
4 stages:
accrual accounting basis - ANSWER -an 1. recruitment and acquisition costs
accounting method that attempts to measure net 2. training or development
income for a particular period by "matching" 3. productive or operational periods
expenses against revenues 4. Costs associated with the termination and
separation of employees from the institution.
Diagnostic Related Groups (DRGs) -
ANSWER -A federal government-established salary and wage cost evaluation:
payment system for hospitals based on diagnosis. technical evaluation of labor costs - ANSWER -
includes: medicare,medicaid, all inpatients looks at work flow and tasks performed that generate
expenses.
1.preanalytical time
Master Charge Description File Listing (MCDFL) - 2. analytical times
ANSWER -a menu of procedures and prices for 3. postanalytical time
1/5
, UAMS Lab. Management Exam 3 Questions with Verified Answers
Rated A
- expenditures.
3 It establishes anticipated workload and translates
that workload into anticipated revenue and expense
salary and wage cost evaluation: for each department. •4
accounting and budget perspective - It compares future expenditures and staffing levels
ANSWER -evaluates the actual labor costs of against actual expenditures and staffing levels. 5
the lab. involved in delivering a service. It must be formally adopted by Hospital
-total paid hours Administration each year.
-productive(worked) hours
-nonproductive(benefits) hours
Budgeting - ANSWER -the process of planning.
forecasting, controlling, and monitoring the financial
Full-time equivalent (FTE) - ANSWER -an resources of the organization.
accounting calculation of the number of full-time
employees represented by the payroll hours.
#of hours(total, productive, or nonproductive) / 2080 capital budget - ANSWER -plans for the
acquisition and completion f specific equipment and
building projects that require major financial
productivity model - ANSWER -FORMULA: commitments.
workload units / by labor units
labor unit (lab): charges or billable procedures
operational budgeting - ANSWER -the process
of planning for the lab. as an ongoing business
Salary Budget - ANSWER -projections consist concern, accounting for everyday needs and
of two processes: expenditures.
1. a document that list very position authorized along - helps maintain management control of the financial
with the name f the individual filling each job, resources of the laboratory.
maintained and monitored by personnel and payroll
2. the normal reports associated with the budgeting
process using financial and accounting information. flexible budgeting - ANSWER -process that
attempts to set expenditure based on a variable
workload volume.
minimum-MAXIMUM stock replenishing techniques -
ANSWER -One method for determining when
and how much to reorder is to establish a set zero-based budgeting - ANSWER -Method that
point(min) at which inventory is to be recorded and a analyzes needs based on prioritizing of goals and
"reorder to" (max) level to be maintained. objectives and not on past allocations.
just-in-time stock replenish techniques - pro forma budget - ANSWER -budget based on
ANSWER -This is a commitment by the the extrapolation of historical data
supplier to guarantee delivery of an item at the exact
moment of need.
Budget Objective - ANSWER -management
control of the financial resources of the organization.
what is budget? - ANSWER -1.It is the annual
financial plan for the Laboratory
2.It is a forecast of all cash sources and cash Direct costs - ANSWER -Specifically connected
2/5
