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Finance Flashcards

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1
Q

How often do residents statement funds/ accounting funds need to be provided to them?

A

Quarterly (every three months).

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2
Q

Money of a deceased/ discharged resident being held by facility must be refunded when?

A

Within 30 days.

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3
Q

Average length of stay equation?

A

Total patient days divided by number admissions in the year.
Example Total patient days = 30,000 Number of annual admissions = 1200

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4
Q

Whats the average length stay for a total patient days = 30,000 Number of annual admissions = 1200

A

30,000 / 1200= 25 days average stay per resident

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5
Q

Accrual accounting Systems

A

Nursing homes must use the accrual system

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6
Q

Different types of book keeping

A

Journals, and General Ledgers

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7
Q

Journals includes…

A
  • Books of original entry
  • General Journals
    • Prepaid expenses
    • Entries that don’t fit in other journals
    • Corrects errors in the other journals
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8
Q

General Ledger includes…

A
  • Summarizes debits and credits
  • Organized by account/ GL code
  • Operating expenses and income
  • Organized by vendor name and GL code
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9
Q

Chart of accounts

A

listing of all the revenue and expense codes so you can code your invoices and find the information on he general ledger and Profit and loss.

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10
Q

Accounting process

A

Reporting financial results

* must produce the profit and loss statement and balance sheet to investors.

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11
Q

Profit and loss statements (income statements) show what?

A

How much you made…

  • Operating revenues
  • Ancillary revenues
  • Operating expenses
  • Profit/ Income
  • Loss
  • Shows rather your revenues covered your expenses
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12
Q

What must match on the Profit and loss statement?

A

Revenues and expenses for that month

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13
Q

How often is a P&L produced?

A

Each month.

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14
Q

What does your Balance Sheet show?

A

What you are worth…

  • Net worth/ equity
  • assets
  • liabilities
  • capital
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15
Q

What shows financial condition?

A

Balance sheet

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16
Q

What shows net worth and solvency?

A

Balance Sheet

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17
Q

How often is the balance sheet produced?

A

Every 3 months

18
Q

Accounting equation for assets

A

Assets = liabilities + Capital

19
Q

Accounting equation for working capital

A

Current assets- current liabilities= working capital

20
Q

Accounting equation for current ratio

A

Current assets / current liabilities = current ratio

21
Q

Whats the purpose of working capital?

A

To show you how much you have available to buy equipment r invest in business

22
Q

Whats the purpose of Current ratio?

A

Shows whether you are solvent and can pay your bills.

* Example: a 1.0 to 1.0 means break even. 2.0 to 1.0 means you have 2 dollars for every dollar of debt.

23
Q

Accounting equation quick ratio or acid test ratio

A

Cash + accts receivables + money market funds/ current liabilities

24
Q

Whats the purpose of quick ratio or acid test ratio

A

Calculates your most liquid assets

25
Q

3 Types of expenses

A

Fixed, variable, and semi- variable

26
Q

depreciation

A

Straight- line and Accelerated

27
Q

Periodic Inventory

A

Do an initial inventory and then count inventory every 12 months.

28
Q

Perpetual Inventory

A

Involves doing an initial inventory and then count inventory every 12 months.

29
Q

Inventory is a ____ Expense and the goal is to have just enough but not to much and prevent theft and loss

A

Cash

30
Q

Inventory is delivered by Fedex on the day it is needed

A

Just in time.

31
Q

Economic order quantity

A

Maintaining just enough inventory to meet needs (not to much not to little)

32
Q

Golden rules

A
  • Increase cash - collect AR accounts by picking up phone and collecting debt.
  • Extra cash on hand- if you have extra cash on hand put it in a money market account
33
Q

Source documents are…

A

original documents such as checks, invoices, billing statements etc.

34
Q

Entity Principle

A

The owner is separate from the company and must disclose all transactions

35
Q

Conservatism Principle

A

Must value your assets at the lowest valuation possible

36
Q

Time period principle

A

Must use the same calendar fiscal year from one year to the next

37
Q

Consistency Period

A

Must use the same accounting system from one year to the next

38
Q

Objective evidence principle

A

Must use the most objective evidence of your income and expenses

39
Q

Materiality Principle

A

Must record all transactions that are material to the company financial condition

40
Q

Full disclosure principle

A

Must fully record and disclose all financial transactions.

Finance (17 decks)

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