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ACCA Financial Management
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acca
Instructions:
Answer 50 questions in 15 minutes.
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Match each statement with the correct term.
Don't refresh. All questions and answers are randomly picked and ordered every time you load a test.
This is a study tool. The 3 wrong answers for each question are randomly chosen from answers to other questions. So, you might find at times the answers obvious, but you will see it re-enforces your understanding as you take the test each time.
1. A good or service provided in return for some type of compensation.
Transaction
Cash flows from investing activities
Asset Management ratios
Return on net assets
2. Organizational units responsible for providing services and controlling their costs. There are two major types: clinical cost centers and administrative cost centers.
Equity financing
Traditional profit centers
Cost centers
Properties and equipment
3. An entity that is owed money for lending funds or supplying goods or services on credit.
Creditor
Other expenses
Bonds
Traditional profit centers
4. The amount of supplies used to provide a service or good.
Co-payments
Cost of goods sold
Expenses
Excess of revenues over expenses
5. An entity that temporarily grants the use of money or an asset to another in return for compensation - usually in the form of interest.
Revenue enhancement
Centralization
Properties and equipment
Lender
6. An organization whose profits can be distributed outside the organization and must pay taxes. Also called investor-owned organizations.
Expense cost variance
Cost
Cost of goods sold
For-profit
7. Revenues generated from an organization's operating activities.
Perpetuity
Operating revenues
Controlling activities
Contribution margin
8. Time delays in the billing and collection process. There are four categories of float: billing - collection - transit - and disbursement. An organization's goal is to optimize float for incoming revenues and outgoing bills.
Properties and equipment - net
Cost centers
Expansion decisions
Float
9. (tax exempt revenue bonds)- Bonds in which the interest payments to the investor are exempt from the IRS. These bonds must be issued by an organization that has received tax exemption from the IRS and be used to fund projects that qualify as "exempt
Expense cost variance
Tangible assets
Tax-exempt bonds
Total asset turnover
10. The organization's legal obligations to pay its creditors. Liabilities are classified as current and non-current. Liabilities are one of the three major categories on the balance sheet and are part of the fundamental accounting equation.
Administrative cost centers
Matching principle
Capital
Liabilities
11. One of the four major financial statements. It explains the changes in net assets from one period to the next on the balance sheet. Also called statement of changes in owners' equity in a for-profit business.
Collateral
Program budget
Volume diversity
Statement of changes in net assets
12. Financial obligations that will be paid off over a time period longer than one year
Days cash on hand
Indirect costs
Non-current liabilities
Opening inventory
13. The percentage of each asset relative to total assets.
Asset mix
Revenue budget
Retained earnings
Balance sheet
14. Assets minus Liabilities. One of the three major categories on the balance sheet. Traditionally known as stockholders' equity in investor-owned organizations and fund balance in not-for-profit organizations. In not-for-profit health care organization
Net Assets
Long-term debt to net assets ratio
Donor
Non-current liabilities
15. [total revenues/total assets].- This ratio measures the overall efficiency of the organization's assets to produce revenue. It answers the question: For every dollar in assets - how many dollars of revenue are being generated?
Lien
Activity Based Costing
Line-item budget
Total asset turnover
16. [(cash + marketable securities + net accounts receivable)/current liabilities)- A measure of the organization's liquidity.
Equity financing
Accrued expenses
Quick ratio
Accountability
17. Cash flows that occur solely as a result of undertaking a project. Basically the marginal difference between alternatives.
Incremental cash flows
Net assets released from restriction
Investment centers
Periodic payments
18. The budget that forecasts the operating and - in some cases - the non- operating revenues that will be earned during the budget period.
Cash and cash equivalents
Revenue budget
Other income
Cash basis of accounting
19. Budgets that typically cover two to five years.
Expense volume variance
Lender
Opportunity cost
Multiyear budget
20. Directly related to the purposes of the organization and the delivery of services
Mission Center
Notes payable
Responsibility center
Fixed Asset Turnover
21. Looks at the percentage change in a line item's value from one year to the next using the formula: [(subsequent year -base year)/base year) x 100. See also Vertical analysis.
Horizontal analysis
Profitability ratios
Billing - collections - and disbursement policies and procedures
Investment centers
22. The bottom line in the statement of operations. It includes such items as operating and non-operating income - contributions of long-lived assets - transfers to parent - and extraordinary items.
Cash flows from operating activities
Allocation base
Increase in unrestricted net assets
Donation
23. A form of long-term financing whereby the issuer receives cash and in return issues a note called a bond. By issuing the bond - the issuer agrees to make principal and/or interest payments on specific dates to the holders of the bond.
Bonds
Interest
Accounts receivable
Time value of money
24. Costs that stay the same in total over the relevant range as volume increases - but that change inversely on a per unit basis.
Fixed costs
Opportunity cost
Revenue budget
Net assets released from restriction
25. Costs not traced to a cost object - but that must eventually be allocated across cost objects. See also Direct costs.
Indirect costs
Dividends
Investment grade
Product diversity
26. Highly liquid current assets such as interest-bearing savings and checking accounts.
Net proceeds from a bond issuance
Capital structure decision
Disbursement float
Cash equivalents
27. A budget in which line items are presented by program.
Program budget
Fixed (interest) rate debt
Other expenses
Statement of cash flows
28. Non-operating income.
Capital financing
Working capital
Balance sheet
Other income
29. Ratios designed to answer the question: How profitable is the organization?
Profitability ratios
Discount rate
Non-operating ratio
Equity financing
30. The costs of a service after taking into account its direct and fair share of allocated costs.
Cost Accounting
Fully allocated costs
Budget
Float
31. [Inventory/ (Cost of Goods Sold/365)]
Basis of Allocation
Mission Center
Average Days Inventory
Non-regular cash flows
32. When products are manufactured in batches in different sizes - and overhead activities are affected by the size of the batch being produced
Long-term financing
G & A expenses
Volume diversity
Permanently restricted net assets
33. The budget format that lists revenues and expenses by category - such as labor - travel - and supplies. Categories are sometimes broken down into sub-categories. See also Performance budget and Program budget.
Line-item budget
Revenue budget
Float
Fixed supplies budget
34. The budget used to forecast - and in some cases justify - the expenditures (and in some cases the sources of financing) for non-current assets.
Capital budget
Coupon payment
Cost object
Long Term Solvency ratios
35. Return on investment. The percentage gain or loss experienced from an investment.
ROI
Mission Center
Fixed labor budget
Discounting
36. A technique to evaluate an organization's strengths - weaknesses - opportunities - and threats. Also called a WOTS-up analysis.
Cost centers
Coupon rate
SWOT analysis
Contribution margin
37. An approach to analyzing the financial condition of an organization based on ratios calculated from line items found in the financial statements. There are four major categories of ratios: liquidity - profitability - capitalization - and activity.
Ratio analysis
Operating income
Net accounts receivable
Cost of capital
38. Demonstrates the extent to which the organization is earning money from its assets. Not usually as imp for NPs - varies w/ NP.
Net increase (decrease) in cash and cash equivalents
Asset Management ratios
Product diversity
HMO
39. Being subject to sanctions with respect to carrying out responsibilities.
FV
Accountability
Loan amortization schedule
Non-operating income
40. Financing used expressly for the purchase of non-current assets.
Opportunity cost
Time value of money
Capital financing
Income from investments
41. A security interest in one or more assets granted to lenders in a secured loan.
Step Down
Lien
Payback
Fixed costs
42. [Total Liabilities/ Net assets]
SWOT analysis
Debt to equity
Expenses
Other expenses
43. Funds provided by a private entity or individual without the requirement of repayment. Donations can either be restricted or unrestricted.
Net accounts receivable
Fully allocated costs
Hedge
Donation
44. Donated assets that have restrictions on their use which will never be removed.
Profitability ratios
Permanently restricted net assets
Fixed (interest) rate debt
Properties and equipment - net
45. The section of the expense budget that forecasts the cost of those supplies that will not vary as a direct result of changes in the amount of services provided (such as administrative office supplies).
Capital structure decision
Strategic financial planning
Market rate of interest
Fixed supplies budget
46. (non-operating revenues/total operating revenues)- A ratio that reflects how dependent the organization is on non-patient care related net income.
Payback
Net assets to total assets
Liabilities
Non-operating ratio
47. The time between the issuance of the bill and the time funds are available for use by the health care organization. It has two components: mail float and processing float.
Traditional profit centers
Debt service coverage
Collection float
For-profit
48. Requiring the patient to pay part of his/her health care bill. These payments are used to prevent over-utilization of services.
Co-payments
Cost object
Coupon rate
Performance budget
49. Capital investment decisions designed to increase the operational capability of a health care organization.
Product diversity
Cost Accounting
Expansion decisions
Fixed supplies budget
50. Market value. The price at which something - such as bonds and stocks - could be bought or sold today on the open market.
Liquidity ratios
MV
Net proceeds from a bond issuance
Revenue budget
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