Healthcare Finance Question and
answers correctly solved 2025/2026
The Federal Accounting Standards Advisory Board mission is that it serves the _______________
interest by improving federal financial reporting through issuing federal financial accounting standards.
-private
-federal government
-public
-business - correct answer ✔-public
_________________ 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.
-A financial statement
-FASAB
-GAAP
-All of these are correct. - correct answer ✔-GAAP
According to GAAP, there are two categories of accounting principles: recognition and
_________________.
-disclosure
-preparation
-auditing
-budgeting - correct answer ✔-disclousre
,_______________ ultimately supports the recognition principles in that assumptions are explained that
are part of the numeric information; these provide additional information to the person reading the
financial reports.
-Auditing
-A financial statement
-Disclosure
-GAAP - correct answer ✔-disclosure
Deposits in a bank may be guaranteed by the federal government, however ______________________
can pose a risk for losing value.
-stocks
-bonds
-other types of securities
-All of these are correct.
-None of these are correct. - correct answer ✔-All of these are correct.
stocks
bonds
other types of securities
The responsibility of the SEC is to ____________ and ____________ 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.
, -interpret, enforce
-initialize, revise
-audit, edit
-oversee, govern - correct answer ✔-interpret, enforce
The objective of effective financial reporting is to provide information in a ____________ manner that
will assist in making decisions regarding the allocation of resources for the organization.
-timely
-efficient
-both timely and efficient
-None of these are correct. - correct answer ✔Both timely and effecient
When an organization uses the ___________ accounting method, it will be a better indicator of future
cash flows and overall performance than using current cash receipts and disbursements.
-accrual
-financial
-cash
-general - correct answer ✔-accrual
_________________________ is where financial statements demonstrate the important financial
relationships of the organization itself.
-Relevance of information
-Faithful representation
-Complete representation
answers correctly solved 2025/2026
The Federal Accounting Standards Advisory Board mission is that it serves the _______________
interest by improving federal financial reporting through issuing federal financial accounting standards.
-private
-federal government
-public
-business - correct answer ✔-public
_________________ 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.
-A financial statement
-FASAB
-GAAP
-All of these are correct. - correct answer ✔-GAAP
According to GAAP, there are two categories of accounting principles: recognition and
_________________.
-disclosure
-preparation
-auditing
-budgeting - correct answer ✔-disclousre
,_______________ ultimately supports the recognition principles in that assumptions are explained that
are part of the numeric information; these provide additional information to the person reading the
financial reports.
-Auditing
-A financial statement
-Disclosure
-GAAP - correct answer ✔-disclosure
Deposits in a bank may be guaranteed by the federal government, however ______________________
can pose a risk for losing value.
-stocks
-bonds
-other types of securities
-All of these are correct.
-None of these are correct. - correct answer ✔-All of these are correct.
stocks
bonds
other types of securities
The responsibility of the SEC is to ____________ and ____________ 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.
, -interpret, enforce
-initialize, revise
-audit, edit
-oversee, govern - correct answer ✔-interpret, enforce
The objective of effective financial reporting is to provide information in a ____________ manner that
will assist in making decisions regarding the allocation of resources for the organization.
-timely
-efficient
-both timely and efficient
-None of these are correct. - correct answer ✔Both timely and effecient
When an organization uses the ___________ accounting method, it will be a better indicator of future
cash flows and overall performance than using current cash receipts and disbursements.
-accrual
-financial
-cash
-general - correct answer ✔-accrual
_________________________ is where financial statements demonstrate the important financial
relationships of the organization itself.
-Relevance of information
-Faithful representation
-Complete representation
