HFMA chfp practice test

Certified Healthcare Financial Professional Exam


Question 1

What provides information about how much revenue was generated and the amount of resources
used to generate those resources?

  • A. Statement of operations
  • B. Statement of cash flows
  • C. Statement of changes in net assets
  • D. None of the above
Answer:

A

Discussions

Question 2

What represents the costs that are incurred in the day to day operation of the business?

  • A. Permanent restricted net assets
  • B. Statement of cash flows
  • C. Operating income
  • D. Operating expenses
Answer:

D

Discussions

Question 3

What represents the difference between unrestricted revenues, gains and other support and
expenses?

  • A. Operating expense
  • B. Unrestricted net assets
  • C. Operating income
  • D. Statement of Operations
Answer:

C

Discussions

Question 4

Which represents the assets, liabilities and net assets for a health care provider?

  • A. Accounting cycle
  • B. Balance sheet
  • C. Income statement
  • D. Statement of cash flows
Answer:

B

Discussions

Question 5

To find the book value of the fixed asset, the accumulated depreciation is added in the amount of
properties and equipment.

  • A. True
  • B. False
Answer:

A

Discussions

Question 6

______________ is the contra-asset to properties and equipment and the allowance for
uncollectable, which is the contra-asset to accounts receivables.

  • A. Dispersive appreciation
  • B. Depreciation expense
  • C. Depreciated Contra-asset
  • D. Accumulated depreciation
Answer:

D

Discussions

Question 7

An asset that, when increased, decreases the value of a related asset on the books is called:

  • A. Controversial asset
  • B. Slender asset
  • C. Contra-asset
  • D. Contracted asset
Answer:

C

Discussions

Question 8

Under accrual basis of accounting, revenues are recognized when earned.

  • A. True
  • B. False
Answer:

A

Discussions

Question 9

The rules to record a transaction under the accrual basis of accounting includes:

  • A. At least one account must be used to record a transaction.
  • B. After each transaction, the fundamental accounting equation must be balanced.
  • C. Both A & B
  • D. Neither A nor B
Answer:

B

Discussions

Question 10

Which of the following is NOT the disadvantage of accrual basis of accounting?

  • A. keeps track of revenues generated and resources used as well as cash flows
  • B. open to manipulation, by bending accounting rules
  • C. matches revenues with the resources used to generate those revenuers
  • D. the financial statements provide a broader picture of the provider’s operation
Answer:

B

Discussions
To page 2