GAAP
The Balance Sheet
Statement of Ops
Ratios and More
That Basic Equation
100
An error in a financial statement that would cause a user to change a decision
What is materiality ?
100
This is another name for the balance sheet.
What is the statement of financial position?
100
This statement provides information about revenues and expenses.
What is statement of operations ?
100
This record provides a complete chronological financial history of the organization.
What is the journal?
100
This is the basic accounting equation.
What is assests = liabilities + owner's equity
200
The principle that information in the financial statement is objective and verifiable.
What is objective evidence?
200
These elements are on the left side of sheet or on the top of the sheet.
What are assets?
200
The amount that a health care organization is legally entitled to collect for providing care.
What is net patient revenues?
200
This "book of accounts" shows the current balance in the cash account.
What is the ledger?
200
This is on the left side of the equation if the entity is not-for-profit.
What are net assets?
300
The presumption that the entity is going to continue to operate and be in business.
What is going concern?
300
These elements are on the right side of the sheet or on the bottom of the sheet.
What are liabilities?
300
This provision of this care is not included in, or subtracted from revenues because the organization never expects to collect for its provision.
What is charity care?
300
This ratio compares current assets to current liabilities.
What is the current ratio?
300
True or False The right side of the equation must always equal the left side.
What is True
400
The principle that provides using the same accounting methods year to year.
What is consistency?
400
Numbers are expressed in terms of ________.
What are thousands?
400
This portion of revenue that the organization does expect to collect.
What is bad debt?
400
The number of days worth of patient billing that is tied up in accounts receivable.
What is average collection period ratio (days receivable)?
400
What is left over after liabilities are subtracted from assets.
What is net assets
500
The principle to present a fair representation of financials as whole.
What is full disclosure?
500
The more liquid assets appear here.
What is the top of the list?
500
Lower rates paid by payers for services.
What are contractural allowances?
500
This ratio looks at long-term solvency of an organization.
What is total debt to equity ratio?
500
This financial statement summarizes the basic accounting equation.
What is the balance sheet or the statement of financial position.
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