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ACCA Financial Management
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ACCA Financial Management
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1. The difference between what was planned (budgeted) and what was achieved (actual).

2. The system of accounting that recognizes revenues when cash is received and expenses when cash is paid out. See also Accrual basis of accounting.

3. Financing that will be paid back in less than one year.

4. The ability of an organization to find new ways to operate that obviate the need for certain classes of costs - such as doing procedures on an outpatient rather than inpatient basis.

5. The delay between providing the service and getting the bill to the patient or third party. There are two aspects of billing float: assembling the bill and delivering the bill to the patient or third-party payor.

6. A security interest in one or more assets granted to lenders in a secured loan.

7. The method of capital budgeting that compares the cash flows resulting from continuing with the existing alternative to those that would result if the equipment were replaced.

8. The degree of dispersion of responsibility within an organization. See also Centralization.

9. Irregular cash flows - typically occurring at the end of the life of a project.

10. I) Calculating interest using the compound interest method. 2) Adjusting for the time value of money forward in time to a future value. See also Compound interest method and Discounting.

11. Amounts the organization is obligated to pay others - including suppliers and creditors.

12. The cost of a capital asset (i.e. building or equipment) minus accumulated depreciation.

13. Monies received that have not yet been earned. One of the most common deferred revenues is the receipt of capitation on the basis of per member per month (PMPM).

14. The sources of funds to finance the non-current assets of the organization. Also the debt and equity of the organization.

15. [Total Liabilities/ Net assets]

16. Any product - service - customer - contract - project - process or other work unit for which a separate cost measurement is desired.

17. Organizational units responsible for their own costs that provide administrative support to other organizational units or the organization

18. Ratios that measure how efficiently an organization is using its assets to produce revenues.

19. The elapsed time between financial statements. Common accounting periods

20. The method by which to distribute service center costs to mission centers; in general the one that most accurately measures use by the cost centers that receives its services (food service - # of meals - hospital laundry - # of pounds processed)

21. Assets that have a useful life greater than one year - such as plant - property - and equipment. Plant and equipment are depreciated over time; land (property) is not.

22. An estimate/measure of how much a tangible asset (such as plant or equipment) has been "used up" during an accounting period. It is an expense that does not require any cash outflow under the accrual basis of accounting. See also Accumulated deprecia

23. The activities of an organization directly related to its main line of business.

24. Internal rate of return. The percentage return on an investment. It is the rate of return at which the net present value equals zero. Often used as a comparison to cost of capital.

25. [Total Revenues/ Total Assets]

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