Question

Help with the following questions

5. Mountain View Nursing Facility uses a chart of accounts format that is made up of three sets of digits. The first set of digits represents the financial statement element, the second is for a primary subclassification, and the third is for a secondary subclassification. To which of these three sets of digits would “Petty cash for the front office” belong?

A) Financial statement element B) Primary subclassification C) Secondary subclassification D) None of these is correct.

6. The chart of accounts:

A) is a map that the financial manager must and should understand. B) can be infinitely customized for an organization’s purposes. C) has generic examples available for reference purposes. D) All of these are correct.

7. One output from the clinical and financial data repository is insurance verification for patients through an electronic data information link to insurance company databases. True or False

8. Of the four segments that make a financial management system work, the reporting system provides evidence that some event has occurred. True or False

9. Quarterly reports and statistics are called “interim reports” and generally contain raw data. True or False

10. Most organizations have a 12-month reporting period known as a fiscal year. Anything less than a full 12-month year is called a “stub period” and is fully spelled out in the heading of the report. True or False

Answer 1

Q.5 Option C is correct because “Petty cash for the front office” belong to the secondary subclassification from the established set of digits

Q.6. All options are correct because the  the chart of accounts is the set  map for financial management for organizational purposes, taken as reference.

Q.7. True statement because insurance verification for patients by the electronic data information linking to the insurance company database is key output from the clinical and financial data repository

Q.8 False statement

Q.9. True as in the almost all organizations there is a 12-month reporting period reffered as fiscal year.