Nursing Home Administration - Finance And Business Quiz

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The income statement shows whether ____ were sufficient to cover expenses.
- Charges
- Revenues
- Debts
- Retained Earnings

About This Quiz

This quiz assesses knowledge in Nursing Home Administration, focusing on finance and business management. It tests understanding of roles, financial reporting, and accountability within U. S. Nursing facilities, aligning with GAAP for financial clarity.

Nursing Home Administration - Finance And Business Quiz - Quiz

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Mar 21, 2023

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Mar 08, 2016

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Nursing Home Administration - Finance And Business Quiz

The income statement shows whether ____ were sufficient to cover expenses.

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The salary of the director of nurses and the administrator are examples of ___ costs.

Things owned by the facility are normally referred to as ____.

Making a debit and a credit entry for each transaction is known as the ____ system of accounting.

Any possession of the facility which will be or could be turned into cash within 12 months is a ____.

A useful form that summarizes the facility's occupancy, listing daily admissions, discharges, and transfers is known as the ___.

Congress' purpose for passing accelerated depreciation was to ___ of new facilities.

Responsibility and blame for overspending in the department of nursing and in food services is typically assigned by the owners to the ____.

Under accrual accounting, when the accountant shows the amount of medical supplies used during a month in the cash disbursements journal and the general journal the bookkeeper has made ____.

The accountant, upon successfully bringing the expense and revenue accounts to zero, has successfully ____.

To safeguard the finances of a facility, procedures should be arranged to establish a system of ___ so that employees review each other's financial activities.

The largest directly controllable cost for the average administrator is ____.

Land ___ is a depreciable asset.

Nursing and physical therapy are normally thought of as ___ centers.

The portion of a brand in the form of a symbol, design, or distinctive coloring or letter, also called a logo, is an organization's ___.

When the financial manager classifies an expense as an asset because it benefits the facility for more than 1 year he has ___ the expense.

The staff person responsible for assuring that the business office runs smoothly is, in the final analysis, ____.

Upon discovering that the new accountant had set the actual purchase price paid (e.g., no tax, delivery, or similar costs) for the assets to be depreciated, the facility administrator would normally feel the accountant was ___.

Payroll deductions are subtracted from ___ to arrive at the employee's ___ pay.

The primary purpose of the Generally Accepted Accounting Principles is to ____.

At the end of a time period, when debits do not match credits exactly, the accountant can first assume an error has been made in ___.

The GAAPS's do not normally require financial statements prepared for general distribution to include ____.

A financial statement in which the assets must equal the liability and capital accounts is known as the ____.

Funds that have been put into the facility by owners or others, and retained earnings that have been put back into the facility are usually included when calculating the ____.

When asked whether funds are readily available for a $75,000 purchase and the accountant responds that the net worth is well over $800,000 and to go ahead with the purchase, the administrator should ____.

A facility has current assets of $403,898 and current liabilities of $367,000. Its current ratio is ____.

Medical supplies, food supplies, and postage for billing residents are ___ costs.

The administrator seeks to be licensed without having to meet all the conditions new entrants would have to meet. She seeks to be ___.

Things owed by the facility, its obligations, are normally referred to as ____.

The new accountant informs the administrator that to simplify things, he has incorporated all purchases that will be paid for the next few years into the accounts payable journal. The administrator should ____.

Under double-entry bookkeeping, when a bill is sent to Ms. Jones for $3,000 for the past month's care, the bookkeeper would normally record $3,000 in the debit column as an increase in assets and ____.

At the end of a time period, total expenses are subtracted from total revenues to compute the ____.

At the end of each year for facilities participating in Medicare, a Medicare Cost Reconciliation settlement occurs in which ___.

Perhaps the only way to maintain an accurate count of supplies consumed and those remaining is to use ___.

In a facility having high fixed costs, the pressure to keep beds filled is ___ in facilities with low fixed costs.

The accountant has listed the new building annex, the new central air conditioning system, and the supplies for the next 6 months as capital expenses. The administrator should.

Assets that can be capitalized or depreciated differ from other assets of a facility in that they are used in operations for more than ___ and will not be converted into ___ within the year.

Generating reports on the financial standing of the nursing facility is generally assigned to ____.

Allowing the bookkeeper to destroy vouchers showing payments made for meals to employees once these are recorded may violate the ___ concept.

When an administrator notes that there are $600,000 in notes payable on the financial reports, she knows these must be paid within ____.

Plans for expenditures for buildings, major equipment, and the like are normally part of the ___ budget.

The administrator wishes to lease a building and acquire substantial property rights in the process. She seeks ___.

The three owners hold all the shares in the facility. They have a ___.

Directing the accountant to move from a January 1 date to a June 30 fiscal year date in order to minimize the negative image possibly created by an anticipated loss violates the ____ concept.

Using several differing depreciation schedules for a single piece of equipment is ___ as an accounting behavior.

The administrator asks the bank for an instrument stating that that bank has granted the holder the amount of credit equal to the face amount wants a ___.

Money invested in the facility, also known as the facility's net worth, is normally referred to as ____.

Depreciation is an expense associated with the use of ____.

Payroll deductions are subtracted from _ to arrive at the employee's _ pay.

Assets that can be capitalized or depreciated differ from other assets of a facility in that they are used in operations for more than _ and will not be converted into _ within the year.