HCAD 401 Exam 1 Review Questions and Answers Already Passed

HCAD 401 Exam 1 Review Questions and Answers Already Passed The purpose of a not-for-profit healthcare facility is to A) Make a substantial profit B) Provide healthcare services to the community C) Provide healthcare services specifically to the medically indigents D) Raise funding for research and technology - Answers B) Provide healthcare services to the community What are the five management functions? A) Planning, communicating, decision making, staffing, controlling B) Communicating, decision making, coordination, staffing, controlling C) Planning, organizing, staffing, directing, controlling D) Organizing, staffing, decision making, communicating, controlling - Answers C) Planning, organizing, staffing, directing, controlling What is the highest level of education most CFOs have completed? A) Bachelor's degree B) Master's degree C) Associate's degree D) Doctoral degree - Answers B) Master's degree Accounting is generally divided into what two major areas? A) Assets and liabilities B) Cost accounting and financial accounting C) Charge-based accounting and cost-based accounting D) Financial accounting and managerial accounting - Answers D) Financial accounting and managerial accounting The purpose of financial accounting is to provide A) Prospective accounting information to external users, including stakeholders B) Historic accounting information to internal users, including managers C) Historic accounting information to external users, such as stakeholders D) Prospective accounting information to internal users, including managers - Answers C) Historic accounting information to external users, such as stakeholders The purpose of managerial accounting is to provide A) Current or prospective accounting information to internal users, including managers B) Historic accounting information to external users C) Prospective accounting information to external users D) Historic accounting information to internal users, including managers - Answers A) Current or prospective accounting information to internal users, including managers Historically, the purpose of finance was to A) Borrow and invest the funds necessary for the organization to achieve its purpose B) Analyze information provided by managerial accounting to evaluate past decisions and make strong decisions in the future C) Keep an organization competitive in the industry D) Make a profit for the organization - Answers A) Borrow and invest the funds necessary for the organization to achieve its purpose Today, the purpose of finance is to A) Keep the organization competitive in the industry B) Analyze information provided by managerial accounting to evaluate past decisions and make sound decisions in the future C) Borrow and invest the funds necessary for the organization to achieve its purpose D) None of the above - Answers B) Analyze information provided by managerial accounting to evaluate past decisions and make sound decisions in the future By source of funds, the largest healthcare payer is