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ACCA Financial Management
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ACCA Financial Management
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25 Questions

1. [Inventory/ (Cost of Goods Sold/365)]

2. Assets that have restrictions on their use which will be removed either with the passage of time or the occurrence of some event.

3. A catchall category for miscellaneous expenses and losses not included in other categories (telephone - travel - meals - etc.).

4. An approach to analyzing the financial condition of an organization based on ratios calculated from line items found in the financial statements. There are four major categories of ratios: liquidity - profitability - capitalization - and activity.

5. The elapsed time between when the patient or third-party payor sends the payment and the time the health care provider receives the payment.

6. The process of distributing service center costs to mission centers - to determine the full cost of each mission center

7. [(actual volume -budgeted volume) x budgeted cost per unit).- The portion of total variance that is due to actual volume being either higher or lower than budgeted volume. It is the difference between the expenses forecast in the original budget and

8. An assignment or grading of the likelihood that an organization will not default on a bond.

9. Generally - assets that will be used or consumed within one year. Some organizations use a period of less than one year.

10. The section of the expense budget that forecasts the cost of those supplies that will not vary as a direct result of changes in the amount of services provided (such as administrative office supplies).

11. Opposite of the authoritarian approach. The roles and responsibilities of the budgeting process are diffused throughout the organization. Often called the participatory approach.

12. Return on investment. The percentage gain or loss experienced from an investment.

13. The unit of service which we wish to know the cost for (hospital admission - classroom hour - course - etc.)

14. A category of income that includes unrestricted interest - dividends - and gains from the sale of unrestricted investments.

15. An amount owed to the organization that will not be paid. Charity care is not considered a bad debt since nothing is owed to the organization for services provided.

16. Literally non-movable assets. Generally used to refer to buildings and equipment.

17. [operating income/total operating revenues]- The proportion of profit remaining after subtracting total operating expenses from operating revenues.

18. Decisions regarding the acquisition of capital assets. The capital investment decision should be separate from the decision on how to finance capital assets.

19. General and administrative expenses. Operating expenses that are not contained in the labor or supplies budgets.

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

21. The gradual process of paying off debt through a long series of equal periodic payments. Each payment covers a portion of the principal plus current interest. The periodic payments are equal over the lifetime of the loan - but the proportion going to

22. I) Measuring inputs against outputs. 2) The cost of service per unit rendered.

23. Assets that have a physical presence.

24. A method by which the organization develops its strategies and budgets to meet future financial targets.

25. Costs that stay the same in total over the relevant range as volume increases - but that change inversely on a per unit basis.

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