NAB FINANCIAL EXAM
QUESTIONS AND ANSWERS
(LATEST)
A ledger is a - ANSWERS-List of individual accounts, both payable
and receivable
Cash or other assets that can be easily converted to cash and expected
to be used in the course of a year's operation are - ANSWERS-current
assets
The method used to decrease the value of building and equipment at a
greater rate during the early years of an asset's life is - ANSWERS-
Accelerated depreciation
The purpose of an audit is to - ANSWERS-verify the accounting to
determine accuracy
Occupancy rate is calculated by - ANSWERS-occupied beds/total
beds= occupancy rate
The primary value of a second accounting is that management can -
ANSWERS-measure performance against an established standardized
budget
, The best inventory system is one that - ANSWERS-records all
receipts and requisitions and uses automatic reorder levels
A budget is the best defined as a - ANSWERS-Plan stating in
financial terms the anticipated results for a given future period of time
In bookkeeping terms, the initial recording of transactions is called -
ANSWERS-a journal entry
Accrual refers to - ANSWERS-an accounting system
The accounting system required by Medicare is - ANSWERS-Accrual
In planning a budget, it is most important to know - ANSWERS-Past
experience and projected expectations
The cause of depreciation - ANSWERS-decrease in value due to age,
wear/tear, and action of elements
Forecasting - ANSWERS-A reasonable estimate of what reality will
be in the future
The biggest cost control problem in a facility is - ANSWERS-
Employees
QUESTIONS AND ANSWERS
(LATEST)
A ledger is a - ANSWERS-List of individual accounts, both payable
and receivable
Cash or other assets that can be easily converted to cash and expected
to be used in the course of a year's operation are - ANSWERS-current
assets
The method used to decrease the value of building and equipment at a
greater rate during the early years of an asset's life is - ANSWERS-
Accelerated depreciation
The purpose of an audit is to - ANSWERS-verify the accounting to
determine accuracy
Occupancy rate is calculated by - ANSWERS-occupied beds/total
beds= occupancy rate
The primary value of a second accounting is that management can -
ANSWERS-measure performance against an established standardized
budget
, The best inventory system is one that - ANSWERS-records all
receipts and requisitions and uses automatic reorder levels
A budget is the best defined as a - ANSWERS-Plan stating in
financial terms the anticipated results for a given future period of time
In bookkeeping terms, the initial recording of transactions is called -
ANSWERS-a journal entry
Accrual refers to - ANSWERS-an accounting system
The accounting system required by Medicare is - ANSWERS-Accrual
In planning a budget, it is most important to know - ANSWERS-Past
experience and projected expectations
The cause of depreciation - ANSWERS-decrease in value due to age,
wear/tear, and action of elements
Forecasting - ANSWERS-A reasonable estimate of what reality will
be in the future
The biggest cost control problem in a facility is - ANSWERS-
Employees
