Performance Report
Name one of the performance reports that can help a department drill down on their overtime expense.
Labor and Distribution Report or The Overtime Report
In a GL account the numbers 01, 02, 03 represents ?
The Corporation
01- RLSH
02-MKS
03-CKCI
True or False. An employee's personal withholdings to other agencies like Aflac, GERS, Insurance after being paid is not an expense to the organization and therefore is not budgeted for.
False
Revenue that is generated from patient services before payer contractual and bad debt is applied is called?
A) Patient Revenue
B) Collections
C) Gross Revenue
D) Net Revenue
C) Gross Revenue
Kim was going over her expense period comparison report, and she noticed that she had a huge expense for rental equipment in the month of October. Which report can Kim utilize to see the details behind the transactions.
A. Earnings Report
B. Detail Trial Balance
C. Procedure Revenue by Price
D. Labor and Distribution
B. Detail Trial Balance
Which report should be used to validate personnel that is being recorded under your department which is driving your salary expenses.
Labor and Distribution Report
The second set of numbers in a GL Account represents the ____ number. Ex. 01.____ .45415
A) Corporation
B) Expense Account
C) Department
D) Revenue Account
The Department Number
A budget tracks two main components which are projected __ and projected ___?
Projected Revenue
Projected Expenses
This determines when taxes are filed, audits are conducted, and the legal signing off of accounts.
Fiscal Year -also known as the Financial Year
The Nursing Department decided that they need to order syringes and masks via one of their purchase order vendors. In doing so they should create a purchase order requisition which is taken to the ____ Department. After the verifications and confirmations are finalized, the order has been placed and the vendor provided an invoice, the invoice must now be submitted to the_____Department.
1. Materials Management Department
2. Accounts Payable Department
Which performance reports allows you to compare current month actuals vs. current month budgeted and YTD Actuals vs Year-To-Date Budget and variances.
Statement of Operations
Also known as
Profit & Loss (P&L) Statement
Income Statement
The Pharmacy ordered 6 cases of Tynonol. What GL expense account should be used to capture this expense.
45410 - DRUGS Expense Account
On your budget there may be a line item for Sal-Unclass and Sal-Class. What is the difference between the two budgeted categories?
Sal- Unclass - represents salaries for exempt positions.
Sal- Class - Represents salaries for unionized positions.
All costs incurred associated with the operation of the hospital /department such as salaries, employee benefits, supplies etc.
Operating Expenses
The Radiology Department projects that in the third quarter of 2023, they will perform 100 x rays, 150 scans and 200 sonograms. What is the expected Gross Revenue for the department if the expected cost for each service is $100.00, $150.00 and $200.00 respectively?
Answer:100*100 = $10,000, 150*150 = $22,500; 200*200 = $40,000.
Total 72,500.00
On the Period Comparison Report (for expenses) what is one reason why there may be a negative number on the report?
A correction was made to the account.
or a credit memo was received for an item that was returned.
The Air handlers on the 5th Floor has stopped working. The maintenance department has purchased a new portable AC unit and has temporarily placed it in the Payroll department until the chiller is repaired. Which department should be charged for the purchase of the portable AC unit.
Maintenance
A department that has at a point in time projected expenses that are significantly higher than projected revenue is experiencing a budget ____?
Budget Deficit
What is the difference between Accounts Payable and Accounts Receivable?
Accounts Payable – amounts owed to vendors.
Accounts Receivable – debts owed to the hospital.
Lynette, the Director of Radiology wants to celebrate Radiology week with her colleagues and staff. As part of the celebration Lynette orders $150 worth of food and beverages from the cafeteria. The cafeteria processed the order and had the food and beverages delivered to the department. Radiology then decided to invite some of the staff members from the cafeteria to enjoy the meal with them. Which department or departments should be charged for the food and beverages.
1. Radiology
What does the JOURNAL on a Detail Trial Balance indicate?
The journal indicates which modules the transactions are being recorded from.
The HR department is hosting an event to show appreciation to the Hemo and Lab staff for a job well done on their joint commission survey. Food is purchased for this event. Which department’s budget should be charged for this event and what GL expense code should be used when preparing the invoice approval form?
The Human Resources Department
98000 - Special Events
An estimate or projection of how much revenue your department will make or spend over a certain period of time is called a ________
BUDGET
An expense that has been incurred by the creation of a purchase order or work that has been done but the invoice have not been received and recorded, creating a place holder on the detail trial balance until the invoice is received by Accounts Payable and recorded.
An Accrual
In May Gideon from Security ordered 7 new radios for $700 as he began to prepare for hurricane season. In June Gideon is reviewing his Performance Reports and realizes that he does not have a charge of $700 for new radios ordered in May and he is 100% positive that he has submitted his invoice to Accounts Payable. Gideon brings it to the attention of the Accounts Payable Department. In reviewing they found that the charge was actually placed in Respiratory. Name one reason why this may occur?
1.) When the invoice was submitted it was coded with the incorrect department number.
2) Transposition done by Accounts Payable