Which of the following is INCORRECT regarding flexible budgets?, assignment help

QuizQuestion 1(5 points)Which of the following is INCORRECT regarding flexible budgets?Question 1options:a)The fixed costs are the same in a flexible vs. a static budget.b)Flexible budgets take into account changes in actual (vs. projected)volume on revenue and profits.c)The flexible budget does not adjustrevenues to reflect actualvolume levels.d)The flexible budget holds reimbursement rates constant.SaveQuestion 2(5 points)The operating plan lists primary objectives common to the entireorganization, while the strategic plan lists secondary objectives by divisionor department.Question 2options:TrueFalseSaveQuestion 3(5 points)A set of budgets is the basic managerial accounting tool used totie together planning and control functions.Question 3options:TrueFalseSaveQuestion 4(5 points)If you are told that your organization will need $15,000 perinpatient stay to cover fixed costs, what measure is this describing?Question 4options:Degree of Operating LeverageBreak-even PriceContribution MarginReturn on InvestmentSaveQuestion 5(5 points)Which of the following descriptions is an example ofActivity-based costing?Question 5options:Allocate costs from Housekeeping Department to other departments usingsquare footage shares.Allocate the overhead to a procedure according to the Relative Value Units(RVU) developed by CMS.Conduct surveys to determine how much labor work, machine time, andsupplies are used for each service providedUse the ratio of costs to chargesSaveQuestion 6(5 points)You are managing the hospital's clinical laboratory andyou have to conduct a cost analysis. Which of the following are considereddirect costs to the laboratory?Question 6options:a)The hospital'sIT departmentb)The administrative staff of hospitalc)Salaries andbenefits for laboratory techniciansd)All of the aboveSaveQuestion 7(5 points)Which of the following statements DOES NOT correctly describethe "Planning" process?Question 7options:a)Encompasses the overall process of preparing for the futureb)A process to quantify the allocation of financial resourcesc)Involves the Board of Directors and CEO to communicate theorganization's statement of missions and goalsd)Offers long-term guidance to the organization.SaveQuestion 8(5 points)Which of the following is NOT correct regarding incrementalbudgets?Question 8options:a)The process start with prior year budgetb)Can eliminate unnecessary costs and improve profit marginsc)Administratively simpled)Assumes all current operations are essentialSaveQuestion 9(5 points)Which of the following budgets is the foundation of all otherbudgets and provides workload and volume assumptions?Question 9options:Operating BudgetExpense BudgetCapital BudgetStatistical BudgetSaveQuestion 10(5 points)Which of the following factors impact volume and future revenuesof a healthcare organization?Question 10options:a)Third-party payer mixb)Current age of the physician staffc)Continuing shift from inpatient to outpatient cared)All of these factors influence future volume and revenuesSaveQuestion 11(5 points)Which of the following financial statements are used to estimatethe level of profits of an organization?Question 11options:a)Cash flow statementb)Balance Sheetc)The Operational Budgetd)Income statementSaveQuestion 12(5 points)Which of the following is not reported on the balance sheet?Question 12options:a)Annual Depreciationb)Office buildingsc)Cash and Cash-Equivalentsd)Diagnostic EquipmentSaveQuestion 13(5 points)Which of the following may represent a disadvantage to"debt financing"?Question 13options:a)Debt must be paid at maturity.b)Potential loss of corporate controlc)Interest paid is deductible from incomed)Reduces earnings per share (EPS)SaveQuestion 14(5 points)Which of the following third-party payment models poses thelowest financial risk to healthcare providers?Question 14options:Prospective Payment Per ProcedureCapitationFee-for-Service Cost-basedDiscounted Charge-BasedSaveQuestion 15(5 points)Charity care is recorded as an expense on the income statement.Question 15options:a) Trueb) FalseSaveQuestion 16(5 points)If a company has a positive cash flow than this also means ithas a positive profit.Question 16options:a) Trueb) FalseSaveQuestion 17(5 points)Which of the following is an INCORRECT statement regardingmanagerial accounting?Question 17options:a)The information is used primarily by internal usersb)Provides information on detailed departments or segments of theorganizationc)Must meet Generally Accepted Accounting Principlesd)Provides future projectionsSaveQuestion 18(5 points)Which of the following is anINCORRECT statement regardingdepreciation?Question 18options:a)Accumulateddepreciation is reported on the balance sheetb)Depreciation is only applied to structures and equipment, the value ofland is not depreciated overtimec)A company should select a depreciation method that conforms to the GAAPmatching principled)The length of time of the useful lifeof depreciation is equal tothe asset's economic lifeSaveQuestion 19(5 points)Income taxes represent an "estimated" currentliability because the amount is uncertain.Question 19options:TrueFalseSaveQuestion 20(5 points)The healthcare industryis one of the most profitableindustries because prices can be set above actual costs and the volume ofservices is predictable.Question 20options:TrueFalseSave