HSM 340 DeVry Week 2 Quiz



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HSM 340 DeVry Week 2 Quiz


HSM 340 DeVry Week 2 Quiz


HSM 340 DeVry Week 2 Quiz

Question 1. Question: (TCO 2) A statement that reports inflows and outflows of cash during the accounting period in the categories of operations, investing, and financing, is called a(an):Income statement

  • Statement of retained earnings
  • Balance sheet
  • Statement of cash flows
  • Report of management

Question 2. Question: (TCO 2) Two major methods of asset valuation are:

  • historical cost and future cost
  • historical cost and acquisition cost
  • historical cost and replacement cost
  • acquisition cost and future cost

Question 3. Question :(TCO 2) _____ is the most important financial metric to review to determine long-term financial viability.

  • Return on equity
  • Total margin
  • Days cash on hand
  • Hospital cost index
  • None of the above

Question 4. Question: (TCO 2) What should be a firm’s primary long-term financial objective?

  • Profit growth
  • Debt growth
  • Asset growth
  • Equity growth

Question 5. Question: (TCO 2) Explain the difference between the accrual basis of accounting and the cash basis of accounting.

Question 6. Question: (TCO 2) What is an accounting entity?

Question 7. Question: (TCO 2) The HC method, which uses unadjusted historical costs, does not take into account depreciation expenses, purchasing power, and unrealized gains in replacement value. Despite these weaknesses as a financial reporting method, the HC method is used more frequently for accounting purposes than other methods, such as the HC-GPL, CV, and CV-GPL methods. Why is this so?

Question 8. Question: (TCO 2) Define and describe the purpose of fund accounting (now called net assets).