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JAMES ALLEN FINANCE & ACCOUNTING- JAMES ALLEN > ADMINISTRATOR AND ACCOUNTING > Flashcards

ADMINISTRATOR AND ACCOUNTING Flashcards

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1
Q

The BOOKKEEPER primarily records the daily cash transactions of the facility, keeping track of ___.

  1. All records concerning money
  2. All money going out or coming in
  3. Generates reports on the financial standing of the facility
  4. None of the above
A

All money going out or coming in

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2
Q

The ACCOUNTANT uses the information compiled by the Bookkeeper to generate ___.

  1. Information for the Board to review periodically
  2. Reports on the stability of the facility
  3. Reports on the financial standing of the facility
  4. None of the above
A

Reports on the financial standing of the facility

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3
Q

The ___ is the Chief Financial Officer of the facility.

  1. Administrator
  2. Owner
  3. Board
  4. All the above
A

Administrator

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4
Q

The ___ and ___ record the financial transactions, but the administrator is the CFO.

  1. Board and Medical Director
  2. Bookkeepers and Accountants
  3. Don and Medical Director
  4. All the above
A

Bookkeepers and Accountants

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5
Q

It is the ____ responsible for ensuring that the business office process runs smoothly.

  1. Board
  2. QA Committee
  3. Office Manager
  4. Administrator
A

Administrator

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6
Q

TRUE OR FALSE. The administrator must have some knowledge of bookkeeping in order to know whether the bookkeeper is qualified and doing the job.

A

TRUE

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7
Q

The administrator must understand and monitor the manner in which the MDS is ___.

  1. Completed
  2. Completed to assure that the SNF will receive the highest reasonable and accurate RUG score
  3. Completed for posterity
  4. All the above
A

Completed to assure that the SNF will receive the highest reasonable and accurate RUG score

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8
Q

The administrator must be able to interpret the financial reports developed by ___.

  1. Medical Director and the Board
  2. Bookkeeper
  3. Accountant and the corporate office
  4. None of the above
A

Accountant and the corporate office

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9
Q

The administrator must assure the ___, to purchase supplies, pay salaries, and meet the regular payments on any borrowed funds.

  1. Availability of funds for conducting business
  2. Staff writes the checks
  3. Intake of money is steady
  4. All the above
A

Availability of funds for conducting business

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10
Q

If the MDS is not accurately filled out, the facility may ___ by under reporting the amount of care being given.

  1. Need to replace the DNS
  2. Be losing significant amounts of income
  3. Need to increase the amount billed to private residents
  4. None of the above
A

Be losing significant amounts of income

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11
Q

The more resources used in the MDS, the ___ the RUG score. The ___ the RUG score, the ___ the reimbursement rate.

  1. Higher/Lower/Higher
  2. Higher/Higher/Higher
  3. Lower/Higher/Higher
  4. Not applicable
A

Higher/Higher/Higher

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12
Q

To make a financial plan, or a budget, the administrator must be able to predict ___ and ___.

  1. The costs of running the facility and the money the SNF expects to earn in a given time period
  2. The costs of staff payroll and food costs
  3. Admits and Discharges
  4. None of the above
A

The costs of running the facility and the money the SNF expects to earn in a given time period

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13
Q

TRUE OR FALSE. The administrator who is not familiar with the cost and earning of all the departments cannot expect to guide the organization on a reliable path in the future.

A

TRUE

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14
Q

Maximizing ___ into the facility is part of the administrator’s financial goal.

  1. Staff retention
  2. Low food costs
  3. Cash flow
  4. None of the above
A

Cash flow

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15
Q

If the MDS coordinator or administrator claims heavier care levels than actually permitted on the MDS, the facility may ___.

  1. Forced to close the facility
  2. Be fined and required to pay back “extra” monies received to CMS
  3. Be forced to replace the bookkeeper
  4. All the above
A

Be fined and required to pay back “extra” monies received to CMS

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16
Q

The accounting system defines the ___, and it is used by nearly every type of SNF.

  1. The manner in which financial records must be kept
  2. The Five Star Rating
  3. The care given in a SNF
  4. All the above
A

The manner in which financial records must be kept

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17
Q

Financial records refer primarily to ___ and financial statements of the SNF.

  1. The Books
  2. Consistency record
  3. The Five Star Rating
  4. None of the above
A

The Books

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18
Q

Maintaining ‘the books’ constitutes ___.

  1. Nursing
  2. Housekeeping
  3. Bookkeeping
  4. All the above
A

Bookkeeping

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19
Q

The books and financial statements are prepared according to a series of rules known as ___.

  1. Good Ability to Accept People
  2. Generally Accepted Accounting Principles (GAAPs)
  3. 1&2
  4. None of the above
A

Generally Accepted Accounting Principles (GAAPs)

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20
Q

___ is a basic concept of accounting, under which the SNF is regarded as a whole, entirely separate from the affairs of the owners, managers, or employees.

  1. Consistency
  2. Entity
  3. Capability
  4. Endurance
A

Entity

21
Q

The ___ requires that the accounting reports for a facility be prepared in the same way from year to year in order to compare accurately reports from two or more time periods.

  1. Consistency Concept
  2. Entity Concept
  3. Consistency Concept
  4. Capability Concept
A

Consistency Concept

22
Q

The concept of ___ means that all financial info–all money spent, earned, invested, or owed by the SNF–must be shown in the financial records to accurately represent its financial standing.

  1. Endurance Concept
  2. Capability Concept
  3. Full Disclosure
  4. None of the above
A

Full Disclosure

23
Q

___ Concept, also known as the accounting period, is the interval covered by the financial report, usually one year.

  1. Endurance Concept
  2. Capability Concept
  3. Consistency Concept
  4. Time Period Concept
A

Time period Concept

24
Q

Objective Evidence Concept requires accounting records to be prepared with documentable records. This means every transaction should be ___.

  1. Recorded in the record
  2. A documented record or a “piece of paper” that confirms the transaction AKA Source Documents
  3. Each object in the facility is documented in the financial office
  4. None of the above
A

A documented record or a “piece of paper” that confirms the transaction AKA Source Documents

25
Q

There are two approaches to accounting known as ___ and ___.

  1. Cash and Accrual
  2. Endurance and Capability
  3. Consistency and Endurance
  4. Full Disclosure and Entity
A
  1. Cash and Accrual
26
Q

___ is defines as the money coming into the facility.

  1. Cash flow
  2. Cash Accrual
  3. Revenue
  4. Finance In
A
  1. Revenue
27
Q

___ are the money spent by the facility.

  1. Revenue
  2. Cash Flow
  3. Finance Out
  4. Expenses
A
  1. Expenses
28
Q

TRUE OR FALSE.

The difference in Time of Recording is the difference between cash accounting and accrual accounting.

A

TRUE

29
Q

In ___ accounting, expenses are recorded when the cash is actually disbursed and revenues are recorded when money is received.

  1. Accrual Accounting
  2. Cash Accounting
  3. Revenue Accounting
  4. All the above
A
  1. Cash Accounting
30
Q

Under the ___ Accounting System, revenues are recorded when that are earned and expenses when they are incurred regardless of the time the transaction takes place.

  1. Accrual Accounting
  2. Expenditure Accounting
  3. Revenue Accounting
  4. Cash Accounting
A
  1. Accrual Accounting
31
Q

The two main steps in the accounting process is __ and ___.

  1. Recording Transactions and Preparing Financial Statements
  2. Accruing expenditures and Preparing reports
  3. Payroll and Bill paying
  4. None of the above
A
  1. Recording Transactions and Preparing Financial Statements
32
Q

___ is a system of recording all revenues and expenses, and matching those reeves to expenses in the same time period.

  1. Accounting
  2. Office Managing
  3. Bookkeeping
  4. All the above
A
  1. Bookkeeping
33
Q

The ___ of ___ is simply a list of every account in the facility.

  1. Record of Bookkeeping
  2. Chart of Accounts
  3. Records of Finance
  4. All the above
A
  1. Chart of Accounts
34
Q

Things owned by the facility is found in the Chart of Accounts and recorded under ___.

  1. Assets
  2. Liabilities
  3. Capital
  4. Revenues
  5. Expenses
  6. Fund Account
A
  1. Assets
35
Q

Things owed by the facility (obligations) is found in the Chart of Accounts and recorded under ___.

  1. Fund Account
  2. Revenues
  3. Liabilities
  4. Assets
  5. Expenses
  6. Capital
A
  1. Liabilities
36
Q

Money invested in the facility,AKA, net worth is found in the Chart of Accounts recorded under ___.

  1. Assets
  2. Liabilities
  3. Capital
  4. Revenues
  5. Fund Account
  6. Expenses
A
  1. Capital
37
Q

Earnings from operations or other sources is found in the Chart of Accounts recorded in ___.

  1. Fund Account
  2. Expenses
  3. Revenues
  4. Capital
  5. Liabilities
  6. Assets
A
  1. Revenues
38
Q

Costs of salaries, supplies, etc. is found in the Chart of Accounts recorded under ___.

  1. Revenues
  2. Capital
  3. Liabilities
  4. Assets
  5. Fund Account
  6. Expenses
A
  1. Expenses
39
Q

Any funds established for restricted or unrestricted uses in recorded in the Chart of Accounts under ___.

  1. Revenues
  2. Capital
  3. Liabilities
  4. Fund Account
  5. Assets
  6. Expenses
A
  1. Fund Account
40
Q

The ___ are the first place that transactions are recorded.

  1. Journals
  2. Chart of Accounts
  3. Books
  4. None of the above
A
  1. Journals
41
Q

___ Journal records all cash received for services provided.

  1. General
  2. Payroll
  3. Cash Disbursements
  4. Billings
  5. Accounts Payable
  6. Cash Receipts
A
  1. Cash Receipts
42
Q

___ Journal lists all bills sent for services rendered.

  1. Cash Receipts
  2. General
  3. Accounts Payable
  4. Billings
  5. Payroll
  6. Cash Disbursements
A
  1. Billings
43
Q

___ Journal AKA Purchase Journal records all purchases made that will be paid within the next few months.

  1. General
  2. Payroll
  3. Cash Disbursements
  4. Billings
  5. Accounts Payable
  6. Cash Receipts
A
  1. Accounts Payable
44
Q

___ Journal records all payments made for services and supplies used for resident care and for all other operations of the facility.

  1. General
  2. Payroll
  3. Accounts Payable
  4. Billings
  5. Payroll
  6. Cash Disbursements
A
  1. Cash Disbursements
45
Q

___ Journal summarizes all payroll checks distributed during the pay period.

  1. Cash Receipts
  2. General
  3. Accounts Payable
  4. Billings
  5. Payroll
  6. Cash Disbursements
A
  1. Payroll
46
Q

___ Journal is a record of non repetitive entries.

  1. General
  2. Payroll
  3. Accounts Payable
  4. Billings
  5. Cash Receipts
  6. Cash Disbursements
A
  1. General
47
Q

A ___ in accounting simply means the ___ of the journal account.

  1. Debit/Left Side
  2. Debit/Right Sight
  3. Credit/Expenditure
  4. Credit/Payables
A
  1. Debit/Left Side
48
Q

A ___ in accounting simply means the ___ of the journal account.

  1. Credit/Left Side
  2. Credit/Right Side
  3. Debit/Left Side
  4. Credit/Right Side
A
  1. Credit/Right Side
49
Q

The Balance Sheet basically means ___.

  1. Capital = Assets + Liabilities
  2. Liabilities = Capital + Assets
  3. Assets = Liabilities + Capital
  4. None of the above
A
  1. Assets = Liabilities + Capital

JAMES ALLEN FINANCE & ACCOUNTING- JAMES ALLEN (4 decks)

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