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Devry HSM340 Midterm exam Spring 2014




Question;Midterm Exam page 1;Question 1.1. (TCO 4) Budgets normally cover a period of;(Points: 5);5 years;2 years;3 years;1 year;Question 2.2. (TCO 4) Which budgetary issue causes the most;strife in all areas of a health care organization? (Points: 5);Setting volume;levels;Setting prices;Allocation of;indirect costs;Deciding;whether to use a fixed or flexible budget;Question 3.3. (TCO 4) Efficiency is a relationship between;(Points: 5);Outputs and;organizational goals;Inputs and;outputs;Inputs and;organizational goals;None of the;above;Question 4.4. (TCO 3) Which of the following is the first;step in any budgetary process? (Points: 5);Define standard;treatment protocols;Define required;departmental volumes;Define standard;cost profiles;Define volumes;of patients;Question 5.5. (TCO 3) Assume that the clinic used the price;that they need to exactly break even at 10,000 shots. Fewer people than;expected showed up and purchased the flu shot. The clinic would: (Points: 5);earn a profit.;have a loss.;break-even.;have a reduced;unit contribution margin.;none of the;above.;Question 6.6. (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): (Points: 5);Income;statement;Statement of;retained earnings;Balance sheet;Statement of;cash flows;Report of;management;Question 7.7. (TCO 2) _____ is the most important financial;metric to review to determine long-term financial viability. (Points: 5);Return on;equity;Total margin;Days cash on;hand;Hospital cost;index;None of the;above;Midterm Exam page 2;Question 1. 1. (TCO 4) What is the amount of variance that;can be attributed to the difference between budgeted and actual volume?;Use the following data to calculate the variances.;The following information has been prepared for a home;health agency.;BudgetActual;Wage Rate per Hour $16.00 $17.00;Fixed Hours 320 320;Variable Hours per Relative;Value Unit (RVU) 1.0 1.1;Relative Value Units (RVUs) 1,000 1,200;Total Labor Hours 1,320 1,640;Labor Costs $21,120$27,880;Cost per RVU $21.12 $23.23;Budgeted costs at actual volume would be $25,344 ($21.12 ?;1,200), and the total variance to be explained is $2,536 Unfavorable ($27,880 -;$25,344). Be sure to specify whether the variance is favorable or unfavorable.;(Points: 5);Question 2. 2. (TCO 2) Explain the difference between the;accrual basis of accounting and the cash basis of accounting.? (Points: 10);Question 3. 3. (TCO 2) What is an accounting entity? (Points;10);Question 4. 4. (TCO 1) What are social responsibility and;ethics as they relate to business-oriented organizations? How should social;responsibility and ethics affect the decisions of even for-profit companies?;(Points: 20);Question 5. 5. (TCO 2) Define and describe the purpose of;fund accounting (now called net assets). (Points: 20)


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