Week 3 - Quiz ACC281 Accounting Concepts for Health Care Professionals (HCH2402A)

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University Of Arizona *

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ACC281

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Feb 20, 2024

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Week 3 - Quiz Due Jan 28 at 11:59pm Points 20 Questions 20 Time Limit 180 Minutes Allowed Attempts 3 Instructions Attempt History Attempt Time Score LATEST Attempt 1 40 minutes 20 out of 20  Correct answers are hidden. Score for this attempt: 20 out of 20 Week 3 Quiz [WLOs: 1, 2, 3, 4] [CLOs: 1, 2, 3, 4, 5, 6] Prior to taking this quiz, read Chapter 6 ( https://uagc.instructure.com/courses/127141/external_tools/ retrieve?display=borderless&url=https%3A%2F%2Fcontent.uagc.edu%2Flti%3Fbookcode%3DEpstein. 6689.22.1%26navPointId%3Dch06 ) , Chapter 7 ( https://uagc.instructure.com/courses/127141/ external_tools/retrieve? display=borderless&url=https%3A%2F%2Fcontent.uagc.edu%2Flti%3Fbookcode%3DEpstein. 6689.22.1%26navPointId%3Dch07 ) , and Chapter 8 ( https://uagc.instructure.com/courses/127141/ external_tools/retrieve? display=borderless&url=https%3A%2F%2Fcontent.uagc.edu%2Flti%3Fbookcode%3DEpstein. 6689.22.1%26navPointId%3Dch08 ) from the textbook. The quiz contains 20 multiple-choice, matching, and true or false questions, and is worth 5% of your course grade . You will have 3 hours to complete the quiz, and it can be repeated three times with the highest score recorded in the gradebook. Click on the Take the Quiz button when you are ready to begin. When finished, click the Submit Quiz button. Take the Quiz Again Week 3 - Quiz: ACC281: Accounting Concepts for Health Care Profess... https://uagc.instructure.com/courses/127141/quizzes/383107?module_i... 1 of 15 2/11/2024, 2:30 PM

Submitted Jan 28 at 11:25am This attempt took 40 minutes. 1 / 1 pts Question 1 Match the following terms to their definitions: Acquisitions Assets companies plan to Generally accepted auditing standards Rules auditors must follow Going-concern problem A situation that indicates Liquidity The ability to generate en Management's discussion and analysis (MD&A) A section of the annual re 1 / 1 pts Question 2 Match the following terms to their definitions: Material misstatements Errors in the financial stat Merger The decision of two more Week 3 - Quiz: ACC281: Accounting Concepts for Health Care Profess... https://uagc.instructure.com/courses/127141/quizzes/383107?module_i... 2 of 15 2/11/2024, 2:30 PM

Notes to the financial statements Part of the annual report Public companies Companies whose shares Qualified opinion A statement auditors issu 1 / 1 pts Question 3 Liquidity for a company includes which of the following? all assets that can easily be bought or sold to raise cash company stock in reserve employee retirement fund balances land and/or buildings owned by a company 1 / 1 pts Question 4 For Form 10-K, financial data companies must discuss the possibility of interest rate risk. What is interest rate risk? the possibility that interest rates could rise the possibility that interest rates could fall Week 3 - Quiz: ACC281: Accounting Concepts for Health Care Profess... https://uagc.instructure.com/courses/127141/quizzes/383107?module_i... 3 of 15 2/11/2024, 2:30 PM

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the possibility that interest rates could rise or fall none of the above 1 / 1 pts Question 5 What are the SEC reporting timelines for Form 10-K? quarterly every 6 months annually biannually 1 / 1 pts Question 6 Match the following terms to their definitions: Accounts-receivable- turnover ratio A ratio that shows the num Current ratio A ratio that reveals the re Days outstanding ratio A ratio that reveals how m Week 3 - Quiz: ACC281: Accounting Concepts for Health Care Profess... https://uagc.instructure.com/courses/127141/quizzes/383107?module_i... 4 of 15 2/11/2024, 2:30 PM

Debt-to-equity ratio A ratio that compares tota Debt-to-total-assets ratio A ratio that evaluates the Gross-profit-margin ratio A ratio that examines the 1 / 1 pts Question 7 Match the following terms to their definitions: Common-size financial statement A statement that scales th Horizontal analysis A type of analysis used to Vertical analysis A type of analysis in whic Solvency The ability to satisfy a lon Working capital The amount of current as 1 / 1 pts Question 8 Common-size financial statements convert dollar amounts to which Week 3 - Quiz: ACC281: Accounting Concepts for Health Care Profess... https://uagc.instructure.com/courses/127141/quizzes/383107?module_i... 5 of 15 2/11/2024, 2:30 PM

format? scale of economy percentage terms comparative terms averages 1 / 1 pts Question 9 Managing accounts receivable turnover can be critical in a healthcare environment, since there may be multiple payers for one patient. Besides the insurance company, who could be additional payers? patient and third party third party and hospital or clinic finance company or healthcare loan company none of the above 1 / 1 pts Question 10 The debt-to-total-assets ratio evaluates the proportion of the asset pool that is financed with __________? assets Week 3 - Quiz: ACC281: Accounting Concepts for Health Care Profess... https://uagc.instructure.com/courses/127141/quizzes/383107?module_i... 6 of 15 2/11/2024, 2:30 PM

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capital reserves debt 1 / 1 pts Question 11 Week 3 - Quiz: ACC281: Accounting Concepts for Health Care Profess... https://uagc.instructure.com/courses/127141/quizzes/383107?module_i... 7 of 15 2/11/2024, 2:30 PM

The following information was extracted from the accounting records of Alaska Medical Supplies (there are no other current assets or liabilities). • Cash, Dec. 31 ◦ 20X5: $125,000 ◦ 20X4: $110,000 • Accounts receivable, Dec. 31 ◦ 20X5: $180,000 ◦ 20X4: $140,000 • Inventory, Dec. 31 ◦ 20X5: $70,000 ◦ 20X4: $50,000 • Accounts payable, Dec. 31 ◦ 20X5: $115,000 ◦ 20X4: $108,000 Compute the current ratio for 20X5. Alaska Medical Supplies rounds all calculations to two decimal places. 1.57 2.65 2.78 3.26 1 / 1 pts Question 12 The following information was extracted from the accounting records of Mary Lynn Clinics. • Current assets ◦ 20X2: $76,000 Week 3 - Quiz: ACC281: Accounting Concepts for Health Care Profess... https://uagc.instructure.com/courses/127141/quizzes/383107?module_i... 8 of 15 2/11/2024, 2:30 PM

◦ 20X1: $80,000 • Property, plant, and equipment (net) ◦ 20X2: $99,000 ◦ 20X1: $90,000 • Intangibles ◦ 20X2: $25,000 ◦ 20X1: $50,000 • Current liabilities ◦ 20X2: $40,800 ◦ 20X1: $48,000 • Long-term liabilities ◦ 20X2: $143,000 ◦ 20X1: $160,000 • Stockholders’ equity ◦ 20X2: $16,200 ◦ 20X1: $12,000 • Net patient revenues ◦ 20X2: $500,000 ◦ 20X1: $500,000 • Cost of goods sold ◦ 20X2: $332,500 ◦ 20X1: $350,000 • Operating expenses ◦ 20X2: $93,500 ◦ 20X1: $85,000 What is the percentage for property, plant, and equipment (net) using vertical analysis for 20X1? 18.00% 20.45% 40.91% 90.91% Week 3 - Quiz: ACC281: Accounting Concepts for Health Care Profess... https://uagc.instructure.com/courses/127141/quizzes/383107?module_i... 9 of 15 2/11/2024, 2:30 PM

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1 / 1 pts Question 13 The following information was extracted from the accounting records of Alaska Medical Supplies. • Net credit sales ◦ 20X5: $832,000 ◦ 20X4: $760,000 • Cost of goods sold ◦ 20X5: $440,000 ◦ 20X4: $350,000 • Cash, Dec. 31 ◦ 20X5: $125,000 ◦ 20X4: $110,000 • Accounts receivable, Dec. 31 ◦ 20X5: $180,000 ◦ 20X4: $140,000 • Inventory, Dec. 31 ◦ 20X5: $70,000 ◦ 20X4: $50,000 • Accounts payable, Dec. 31 ◦ 20X5: $115,000 ◦ 20X4: $108,000 Compute the accounts-receivable-turnover ratio for 20X5. Alaska Medical Supplies rounds all calculations to two decimal places. 1.09 3.33 5.20 6.16 Week 3 - Quiz: ACC281: Accounting Concepts for Health Care Profess... https://uagc.instructure.com/courses/127141/quizzes/383107?module_i... 10 of 15 2/11/2024, 2:30 PM

1 / 1 pts Question 14 Match the following terms to their definitions: Cost The amount of resources Cost behavior How a cost changes with Cost drivers Measures that link activiti Cost function An expression that mathe Cost objective Any purpose for accumul 1 / 1 pts Question 15 Match the following terms to their definitions: Overhead The ongoing expenses fo Period costs Operating costs that are e Prime costs Direct materials cost plus Product costing Week 3 - Quiz: ACC281: Accounting Concepts for Health Care Profess... https://uagc.instructure.com/courses/127141/quizzes/383107?module_i... 11 of 15 2/11/2024, 2:30 PM

The process of attaching Product costs Costs that are treated as 1 / 1 pts Question 16 In managerial accounting, segments are of major importance. Which of the following is a segment? services revenues assets cost allocation 1 / 1 pts Question 17 Managerial accounting is designed to assist which group? stockholders auditors company managers company board members Week 3 - Quiz: ACC281: Accounting Concepts for Health Care Profess... https://uagc.instructure.com/courses/127141/quizzes/383107?module_i... 12 of 15 2/11/2024, 2:30 PM

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1 / 1 pts Question 18 Financial accounting relies on which principle? GAAP accounting equation FACP balance sheet equation 1 / 1 pts Question 19 At Houston Medical Supplies, the following costs are known for 10,000 units. Per unit • Selling price: $13.00 • Variable costs: $5.00 • Fixed costs: $6.00 What is the break-even point if the operations manager, Wendy Solon, buys new equipment to automate certain operations? The new equipment will add $20,000 to fixed costs and cut variable costs by $2 per unit. 1,000 4,286 6,154 Week 3 - Quiz: ACC281: Accounting Concepts for Health Care Profess... https://uagc.instructure.com/courses/127141/quizzes/383107?module_i... 13 of 15 2/11/2024, 2:30 PM

8,000 1 / 1 pts Question 20 Week 3 - Quiz: ACC281: Accounting Concepts for Health Care Profess... https://uagc.instructure.com/courses/127141/quizzes/383107?module_i... 14 of 15 2/11/2024, 2:30 PM

The following information was extracted from the accounting records of Westerman Medical Supplies Company for August production activities. Inventories • Direct materials ◦ August 1: $18,000 ◦ August 31: $10,000 • Work in process ◦ August 1: $12,000 ◦ August 31: $16,000 • Finished goods ◦ August 1: $45,000 ◦ August 31: $38,000 Month of August • Factory overhead: $120,000 • Direct materials purchased: $80,000 • Direct labor: $30,000 What was the cost of goods manufactured? $156,000 $217,000 $226,000 $230,000 Quiz Score: 20 out of 20 Week 3 - Quiz: ACC281: Accounting Concepts for Health Care Profess... https://uagc.instructure.com/courses/127141/quizzes/383107?module_i... 15 of 15 2/11/2024, 2:30 PM

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