HSMA 4055 Chapter 2 Questions and
Answers A+ Graded (2025)
Independent .auditors .are .responsible .for .ensuring .that .- .CORRECT .ANSWER-
accounting .reports .sent .to .external .agencies .are .in .the .correct .format
Which .of .the .following .paragraphs .is .included .only .in .GAAP .were .not .used .in
.preparing .financial .statements? .- .CORRECT .ANSWER-Explanatory .paragraph
The .governing .body .of .a .healthcare .organization .is .responsible .for .- .CORRECT
.ANSWER-proper .development, .utilization, .and .maintenance .of .all .resources
A .corporate .compliance .officer .is .typically .responsible .for .- .CORRECT .ANSWER-
conducting .compliance .reviews, .investigating .potential .fraud .and .abuse .issues,
.and .investigating .contracts .for .possible .illegal .terms
Which .of .the .following .paragraphs .does .the .independent .auditor .prepare? .-
.CORRECT .ANSWER-scope, .introductory, .and .explanatory .paragraph
To .be .HFMA-certified, .a .chief .financial .officer .must .- .CORRECT .ANSWER-pass .a
.written .exam .on .the .healthcare .industry, . have .been .a .member .of .HFMA .for .at
.least .two .years, .complete .at .least .60 .college .credit .hours
An .entity .acting .as .a .fiduciary .- .CORRECT .ANSWER-has .a .duty .to .act .in .a .way
.that .instills .trust .and .confidence
An .internal .auditor .- .CORRECT .ANSWER-is .an .employee .of .the .organization .and
.reports .to .the .controller
In .organizations .that .do .not .employ .a .corporate .compliance .officer .(CCO),
.________ .generally .take .over .- .CORRECT .ANSWER-chief .operating .officers
According .to .a .survey, .a .chief .financial .officer .must .acquire .which .of .the
.following .leadership .skills? .- .CORRECT .ANSWER-clear .communication, .ability
.to .maintain .strong .relationships .with .physicians, .and .helping .establish .a
.positive .organizational .culture
A .treasurer .is .responsible .for .managing .the ._______ .of .an .organization .-
.CORRECT .ANSWER-working .capital
Answers A+ Graded (2025)
Independent .auditors .are .responsible .for .ensuring .that .- .CORRECT .ANSWER-
accounting .reports .sent .to .external .agencies .are .in .the .correct .format
Which .of .the .following .paragraphs .is .included .only .in .GAAP .were .not .used .in
.preparing .financial .statements? .- .CORRECT .ANSWER-Explanatory .paragraph
The .governing .body .of .a .healthcare .organization .is .responsible .for .- .CORRECT
.ANSWER-proper .development, .utilization, .and .maintenance .of .all .resources
A .corporate .compliance .officer .is .typically .responsible .for .- .CORRECT .ANSWER-
conducting .compliance .reviews, .investigating .potential .fraud .and .abuse .issues,
.and .investigating .contracts .for .possible .illegal .terms
Which .of .the .following .paragraphs .does .the .independent .auditor .prepare? .-
.CORRECT .ANSWER-scope, .introductory, .and .explanatory .paragraph
To .be .HFMA-certified, .a .chief .financial .officer .must .- .CORRECT .ANSWER-pass .a
.written .exam .on .the .healthcare .industry, . have .been .a .member .of .HFMA .for .at
.least .two .years, .complete .at .least .60 .college .credit .hours
An .entity .acting .as .a .fiduciary .- .CORRECT .ANSWER-has .a .duty .to .act .in .a .way
.that .instills .trust .and .confidence
An .internal .auditor .- .CORRECT .ANSWER-is .an .employee .of .the .organization .and
.reports .to .the .controller
In .organizations .that .do .not .employ .a .corporate .compliance .officer .(CCO),
.________ .generally .take .over .- .CORRECT .ANSWER-chief .operating .officers
According .to .a .survey, .a .chief .financial .officer .must .acquire .which .of .the
.following .leadership .skills? .- .CORRECT .ANSWER-clear .communication, .ability
.to .maintain .strong .relationships .with .physicians, .and .helping .establish .a
.positive .organizational .culture
A .treasurer .is .responsible .for .managing .the ._______ .of .an .organization .-
.CORRECT .ANSWER-working .capital
