A lease that lasts for an extended period, up to the life of the leased asset and cannot be cancelled without penalty refers to:
A. Decision lease
B. Principal lease
C. Capital lease
D. Operating lease
An amount paid above and beyond the book value of an asset when it is sold, representing the value of intangible factors refers to:
A. Goodwill
B. Pro forma statement
C. Salvage value
D. Annuity
The financial obligations of the organization are known as:
A. liabilities
B. comparative net assets
C. expenses
D. none of the above
Interest is a payment to creditors, those who have loaned the organization funds or otherwise extended credit.
A. False
B. True
A method in which interest is calculated on both the original principal and on all interest accumulated since the beginning of the investment time period refers to:
A. Dual interest method
B. Multifaceted interest method
C. Complex interest method
D. Compound interest method
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
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
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
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
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
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