HFMA CHFP Online Practice Questions and Exam Preparation

HFMA CHFP Online Questions & Answers

• Question 301:

  What is relatively costly item that allow the organization to deliver service over time?

  A. Equipment
  B. Supplies
  C. Noncurrent asset
  D. Current asset
  C. Noncurrent asset

• Question 302:

  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
  B. open to manipulation, by bending accounting rules

• Question 303:

  represents the amount that a service contributes toward covering all other costs after it has covered the costs that are solely because the service is offered and would not be there if the service were dropped.

  A. Margin cost
  B. Service cost
  C. Product margin rule
  D. Product margin
  D. Product margin

• Question 304:

  Decentralized collection centers, concentration banking, lockboxes and wire transfers are the methods to reduce:

  A. Treasury bills
  B. Decentralized payments
  C. Collection and transit float
  D. Potential payment benefits
  C. Collection and transit float

• Question 305:

  Which is the ideal platform to calculate net present value because most, if not all, have built-in functions that simplify the determination of NPV?

  A. Excel
  B. Spreadsheet
  C. Outlook
  D. Publisher
  B. Spreadsheet

• Question 306:

  Interest is a payment to creditors, those who have loaned the organization funds or otherwise extended credit.

  A. True
  B. False
  A. True

• Question 307:

  A strategy that refers to how an organization chooses to finance its working capital needs is called:

  A. Asset mix
  B. Aggressive mix
  C. Conservative mix
  D. Financing mix
  D. Financing mix

• Question 308:

  The financial obligations of the organization are known as:

  A. comparative net assets
  B. liabilities
  C. expenses
  D. none of the above
  B. liabilities

• Question 309:

  ______is an agreement established by a bank and a borrower that establishes the maximum amount of funds that could be borrowed and the bank may loan the funds at its own discretion.

  Normal line of credit

• Question 310:

  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 and B
  D. Neither A nor B
  B. After each transaction, the fundamental accounting equation must be balanced.