Gapenski's Healthcare Finance
Questions with complete solution
2025/2026
Financial Accounting - correct answer ✔The field of accounting that focuses on providing information
for external decision makers.
Complete Set of Financial Statements - correct answer ✔Balance Sheet, Income Statement, Statement
of Changes in Equity, Statement of Cash Flows, Notes
Annual Report - correct answer ✔A report issued annually by a corporation to its stockholders. It
contains basic financial statements as well as management's analysis of the firm's past operations and
future prospects.
Notes Section of Financial Statements - correct answer ✔Contains information on accounting practices,
composition of long-term debt, pension plan status, the amount of charity care provided, and the cost of
malpractice insurance.
Supplementary Information of Financial Statements - correct answer ✔May include the revenues of its
primary subsidiaries as supplementary data even though its financial statements focus on the aggregate
revenues of the entire system.
Account Types - correct answer ✔Asset, Liabilities, Equity, Revenues, and Expenses
Asset - correct answer ✔An item that either possesses or creates economic value for an organization
Liabilities - correct answer ✔A fixed financial obligation of an organization
Ex: Debt
Questions with complete solution
2025/2026
Financial Accounting - correct answer ✔The field of accounting that focuses on providing information
for external decision makers.
Complete Set of Financial Statements - correct answer ✔Balance Sheet, Income Statement, Statement
of Changes in Equity, Statement of Cash Flows, Notes
Annual Report - correct answer ✔A report issued annually by a corporation to its stockholders. It
contains basic financial statements as well as management's analysis of the firm's past operations and
future prospects.
Notes Section of Financial Statements - correct answer ✔Contains information on accounting practices,
composition of long-term debt, pension plan status, the amount of charity care provided, and the cost of
malpractice insurance.
Supplementary Information of Financial Statements - correct answer ✔May include the revenues of its
primary subsidiaries as supplementary data even though its financial statements focus on the aggregate
revenues of the entire system.
Account Types - correct answer ✔Asset, Liabilities, Equity, Revenues, and Expenses
Asset - correct answer ✔An item that either possesses or creates economic value for an organization
Liabilities - correct answer ✔A fixed financial obligation of an organization
Ex: Debt
