FA 1041 Lecture : FA09September.docx

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10 Sep 2013

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Slr or single lens reflection is our viewing system. Control how long the film is exposed to light. This lets you control how long you want it open, 1 sec or 1,000 secs. Sets how much light comes in and is exposed to the film. This also controls the depth of field, the acceptable sharpness in an image or small area in focus. 1. 8 this is the largest opening for light, can focus on one person, small dof. 11 this is the smallest opening for light, focus on multiple people, large dof. This is the indirectly proportional scale between shutter speed and aperture. An aperture of 5. 6 and shutter speed of 60 would be equal to an aperture at 4 (one up) and a shutter speed of 125 (one down). Aperture 4 and shutter 1000 equals aperture 16 and shutter 60. This is how sensitive the film is to light.

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Reforming the U.S. system of collective bargaining Collective bargaining procedures and relationships between labor and management must reflect less conflict, more cooperation as the Nation's economy struggles to meet international competition and domestic needs D. QUINN MILLS Rules as a productivity drain Rules alone cannot ensure that an organization will perform well. They may keep it from dissolving into self-defeating open warfare, but often do not permit it to achieve its potential. An organization which depends upon adherence to a myriad of rules will always be vulnerable to competition from other organizations which operate in a more consensual and cooperative fashion, even when the latter have fewer resources. And, although an organization of rules may sometimes pull it-self together to respond to an emergency, this need not necessarily occur. It follows, then, that primary dependence on establishing and enforcing rules is a very poor way to run an economic enterprise. The existence of a multitude of rules, many of which attempt to "stretch the work" to maintain jobs in ways reminiscent of depression-era tactics, constrains productivity and raises costs. For example, maintenance classifications may prohibit an employee from doing incidental work outside the strict limits of his or her trade; multiple job classifications may exist even where a person in a single combined classification could do the work effectively, without undue effort and stress; and, job classifications may be perpetuated although technological change has rendered the incumbents' work trivial. Other restrictions may limit the amount of work a person may be assigned, such as permitting a mechanic to open only two flanges. The location of materials and inventory may be restricted by contract or past practice to retain jobs in now-inefficient areas of the plant. In some cases, rules may prohibit employees being assigned work during breaks, and simultaneously prohibit supervisors from doing the employees' work, so that emergencies occurring at coffee breaks or lunchtime cannot be legally handled under the agreement. Over time, rules tend to become increasingly costly and constraining as technology, materials, products, and other aspects of production change. Even rules which made great sense at first become out-of-date under changing conditions. But the rules are difficult to change, and particular employees may be further benefited the more outdated the rules become. Sometimes a company can pay a high price and "buy the rules out," or a union can persuade some workers to give up favored positions for the good of the membership as a group. But often, change cannot be accomplished without a bitter struggle between management and labor. Furthermore, the rule making process promotes a set of attitudes which are inimical to successful enterprise. The existence of the rulebook encourages both management and labor to assert their rights under the contract, rather than to attempt to work out problems. It gives rise to "shop-floor lawyers," rather than problem solvers. It fosters conflict and controversy. It undermines trust. To a large degree, it seems that unions have become captives of their origins. Born in adversity and conflict, they continued to act as opponents of management even when their strength had become much greater. In some instances, unions have created thickets of rules in which to immobilize management, just as spiders build webs to ensnare prey. But when the thickets of rules have crippled productivity, the unions have discovered themselves to be caught alongside management in the trap. Plants have declined in competitiveness, and jobs have been lost. The unions have discovered too late that a snare is no less a snare because they have set it themselves. A prescription for change In a recent survey conducted by the Harris organization, a majority of the general public professed the belief that unions contribute less than they once did to the growth and efficiency of business. Not surprisingly, only 15 percent of union leaders agreed with this judgment.' The need for unions to assist companies in the light of increased foreign competition is apparent to the public. To the inhabitants of the Snow Belt, it is similarly evident that unions should cooperate with local business to stem the outflow of industry and jobs to the South and West. Public perceptions of a productivity problem are supported by Bureau of Labor Statistics estimates, which show particularly sluggish growth in output per labor hour after 1973.3 Collective bargaining practiced primarily as rule making has become self-defeating for both unions and management. It interferes with management's efficient operation of the enterprise, and ensnares employees with legitimate grievances in a web of red tape. It also contributes to the vehemence of employer attempts to resist union organization drives. Study after study of U.S. managers has shown that managers fear the imposition of restrictive work practices far more than the higher wages and benefits which unionization may bring. Companies' efforts to make competitive operations out of older plants often fail because changes in current work rules take the form of additional complex rules which do not provide the flexibility needed to turn a facility around. What management really needs is fewer rules altogether, and willing cooperation from the work force. The union, for its side, needs a management sensitive to the needs of people. Both are very difficult to obtain in the U.S. labor relations environment.

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You are doing a walk-through of the credit and collections function to get an idea of what internal controls exist and where there might be weaknesses. Then, after you finish, you or another member of the audit team will be testing the system to determine whether the internal controls actually exist and actually work as you have been told. In the meantime, keep your eyes, ears, and mind open for any weaknesses in internal control.

The department head of the credit and collections department is telling you how things work in the department. "Jenny, here, receives the mail and distributes it to the various collectors. They each open their own mail. There is a lot of correspondence going back and forth to and from customers, so it is easier if each collector just handles her own mail." It is easy for Jenny to distribute the mail because most of the letters are addressed to a specific individual.

You watch as one of the individuals opens the mail and handles the items inside. Many of the items are disputes-the customer says the items billed were not ordered, or, if ordered, were not received. Every such letter results in the disputed bill being written off. As the department head explains, the vice president of sales told him, a few years ago, that too many customers were complaining that the credit department was too tough on them, so he had decided that rather than have any more complaints, every such bill would be written off. The procedure is that the collector initiates a form, called a write-off form, to write off a particular amount from a customer's balance. In the explanation block, the collector simply writes "customer dispute." This form is signed by the collector, sent to accounting, and accounting processes the forms each Wednesday. There are so many letters with so many disputes that the department has a monthly competition for the most unusual letters, which are tacked up on a bulletin board. All the rest of the dispute letters are thrown away as soon as the collector has filled out the write-off form.

Collectors also receive checks in the mail. These are payments from customers whose accounts are wholly or partly overdue. As one of the collectors explains, they each receive a print-out once a month, so if the customer sends in a payment, there is no way for the collector to find out about it before the next month's print-out arrives unless the collector receives the payment. Most of the collectors process dozens of payments each month. They make whatever notations they need on the monthly print-out, prepare a deposit ticket, send the department's runner to the bank each Friday (collections are accumulated until Friday, with the customers' payments being held in an otherwise empty desk drawer until then), and send the receipted deposit ticket on to the department which records collections of cash. The credit and collections department also sends a listing of which customers to credit for having paid all or part of their balances.

Near the end of each fiscal quarter, the corporate controller gets a preliminary set of financial statements, and then he tells the department head by telephone how much the department is allowed to write off in bad debts. Thus, the company writes off bad debts only in the third month of each fiscal quarter. "Why does he tell you by telephone?" you ask of the credit and collections manager. "He doesn't want any written record of it," is the reply.

You are interested in how the department decides which customer balances to write off as uncollectible and which to leave on the books. "We write off the oldest ones, up to the amount of what we have been told we can write off," says the credit and collections manager. "That way, our percentage of bad debts always comes out pretty much in line with what we have done before, and the auditors have always been satisfied with it. They had read some academic articles from some people who recommended using time-series analysis to see if the numbers were correct, so they test the accounts receivable account and satisfy themselves that the sales and receivables are real, but they always test the write-offs and bad debts expense simply by using the time-series analysis recommended by the accountants with those fancy doctorates. Go ask the guy who ran the audit last year."

You inspect the process by which customer payments are received the regular way, which is done in a different department. The company has a special Post Office box set up. Twice a day, some one person from maintenance goes to the Post Office to pick up the mail, including the customer payments received at this special Post Office box. It is not always the same person from maintenance who goes to the Post Office; whoever is available when the department head looks around is typically the one who is sent.

When the person returns from the Post Office, he brings a bunch of mail to the cash receipts department, where the mail is opened and customers' checks are paperclipped to the envelopes they came in. One of the goals of the cash receipts department is to get the customer payments deposited promptly, so after all the checks are paper-clipped, someone from the department goes to the bank, fills out a whole bunch of deposit slips, deposits those checks, and comes back to the department with those receipted deposit slips. Then the department members try to figure out which customer paid which amounts. They are helped by the routing number on the checks, but those routing numbers represent banks, not customers, and multiple customers use the same banks. Consequently, they refer to a listing of routing numbers to identify the banks, then to a listing of banks to see which customers use those banks, and then to another copy of the same monthly print-out used in credit and collections to figure out which of the customers who use that bank must have paid that particular amount. If they cannot make a good guess, they call some of the customers to ask if they are the ones who paid the amount. Once they think they know who paid the amount, they generate a journal entry to debit cash and credit the customer's account; the credit to the customer's account is automatically also a credit to accounts receivable. Since they have a copy of the monthly printout of accounts receivable, when a customer's payment is not for the full amount of an invoice, they just go ahead and adjust that customer's account so the full amount of the invoice is taken off the customer's account. They say they are creating a lot of goodwill with customers that way.

a. What internal control weaknesses do you see in this system?

b. What are the potential effects of these weaknesses?

c. What do you recommend instead (that is, if you have such a recommendation)?

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14. Which of the following is NOT expected to result from healthcare reform initiatives? Increased formation of accountable care organizations (ACOs) Increased emphasis on population health Decreased need for data analytics Increased provider consolidation Staffing shortages in selected areas 15.Which of the following statements does NOT apply to not-for-profit corporations? The corporation needs profits to sustain operations. The corporation must file an annual report with the Internal Revenue Service. The corporation must meet the tax definition of a charitable organization as defined by the Internal Revenue Service. The residual earnings of the corporation belong to the owners. The corporation is generally exempt from income and property taxes. 16. True or False: Under current law, the profits of not-for-profit corporations can be distributed to individuals. 17. True or False: The specific amount of charity care not-for-profit hospitals must provide in order to maintain their tax-exempt status is defined by an existing federal legislative standard. 18.Which of the following tax-related benefits are generally granted to not-for- profit corporations? a. Exemption from federal and state income taxes b. Exemption from property taxes c. Ability to issue tax-exempt (municipal) debt d. Ability to accept contributions that are tax deductible to the donor e. Answers a., b., c., and d. are correct. 19.Which of the following reimbursement methods creates the greatest incentive for providers to control the cost of delivering health services? a. Cost-based reimbursement b. Charge-based reimbursement c. Discounted chargeâbased reimbursement d. Per diagnosis prospective payment e. Capitation 20. True or False: All prospective payment methods of reimbursement involve a transfer of risk from insurers to providers. 21.Which of the following statements about medical coding is incorrect? ICD, CPT, and HCPCS provide a standard set of codes used to transform medical diagnoses and procedures into code numbers that can be universally recognized and interpreted. ICD codes are published by the World Health Organization. CPT codes were developed and are copyrighted by the American Medical Association. HCPCS expands the CPT codes to include nonphysician services and durable medical equipment. Because the coding process is technical and complex, there is little concordance between the information in the medical record and the classifications produced by medical coding. 22.Which of the following statements about bundled payments is most correct? Bundled payments are a single payment that is made to a group of like providers, such as three hospitals in a single service area. Bundled payments are meant to encourage different providers (such as a hospital and physician group) to work together to lower costs and improve quality. Bundled payments are a single payment made to one provider for all services provided for a single diagnosis, say, a broken arm. Statements a. and b. are both correct. Statements b. and c. are both correct. 23.Which of the following statements about capitation is most correct? Capitation creates a delay between providing services and receiving payment. The capitation payment amount to providers varies significantly from month to month and hence is difficult to predict. Capitation encourages providers to focus on prevention and wellness. Capitation places a greater administrative burden on providers than does fee-for-service payment. Capitation uses a per diagnosis methodology to set hospital payment rates. 24.Which of the following statements about the financial risk to providers under different reimbursement methods is most correct? a. Risk is the least under cost-based reimbursement. b. Risk is the most under capitation. c. Risk is the most under charge-based reimbursement. d. Statements a. and b. are both correct. e. Statements a. and c. are both correct. 25.Which of the following statements about the financial risk to providers under different reimbursement methods is most correct? Different payers use different reimbursement methods, so providers face varying levels of risk. Prospective payment transfers the cost risk (of each reimbursable episode) from insurers to providers. Capitation transfers both cost risk and utilization risk to providers. Statements a. and b. are both correct. Statements a., b., and c. are all correct. 26. True or False: Medicare has a single payment methodology that is applied to all providers, such as hospitals, physicians, and ambulatory (outpatient) surgery centers. 27.Which of the following statements about Medicareâs inpatient prospective payment system (IPPS) is most correct? Each discharge is assigned to a Medicare severity diagnosis-related group (MS-DRG) with a specified relative rate. The relative weight is multiplied by a base dollar payment amount adjusted for local input prices to obtain the reimbursement amount. The relative weight is multiplied by a base dollar payment amount adjusted for the size of the hospital to obtain the reimbursement amount. Statements a. and b. are both correct. Statements a., b., and c. are all correct. 28.Which of the following statements about Medicareâs payment system for physiciansâ services is most correct? Each patient is assigned a Medicare Patient Identification Code (PIC) that reflects the severity of the patientâs diagnosis. Patients are divided into five groups (A-E) based on diagnosis, with the E group reimbursement being the greatest. Each service performed has a relative value unit (RVU) assigned that reflects the amount of physician work, practice expenses, and liability insurance costs. Physicians are paid using Medicareâs Outpatient Observation Payment System (OOPS). Physicians are paid using Medicareâs Ambulatory Patient Payment System (APPS). 29.Which of the following payment initiatives are included in healthcare reform legislation (the Affordable Care Act)? a. Value-based purchasing b. New models of bundled payment c. Patient age-based reimbursement d. Initiatives a. and b. are both correct. e. Initiatives a., b., and c. are all correct. 30. True or False: The revenue section of the income statement provides information about the amount of discounts, contractual allowances, and charity care provided by a healthcare organization. 31. True or False: In a healthcare provider organization, net patient service revenue overstates the amount of revenue collected because bad debt expenses have not yet been considered. 32.Which of the following would most likely be considered nonoperating income (versus operating income) on the income statement of a healthcare organization? a. Revenue from patient care activities b. Revenue from cafeteria and parking garage operations c. Premium revenue d. Income from investments in financial securities e. Government appropriations 33.Assume Mercy Hospital underestimated the provision for bad debts reported on its December 31, 2015 income statement. What would be the most likely effect on the actual cash flow stemming from the reported net patient service revenue? The cash flow would be less than expected. The cash flow would be greater than expected. The cash flow would not be affected. The cash flow could be either overstated or understated depending on the nature of the bad debts. None of the statements are correct. 34.Meadowlands, a for-profit skilled nursing facility, pays taxes at a rate of 40 percent. Assume Meadowlands recorded depreciation expense of $100,000 for the year ended December 31, 2015. If Meadowlands changed its method of calculating depreciation such that depreciation expense doubled for the year, which of the following statements is most correct? Meadowlandsâ net income (after tax) for the year ended December 31, 2015 would increase by $100,000. Meadowlandsâ net income (after tax) for the year ended December 31, 2015 would decrease by $100,000. Meadowlandsâ estimated cash flow for the year ended December 31, 2015 would increase by $100,000. Meadowlandsâ estimated cash flow for the year ended December 31, 2015 would increase by $40,000. Statements b. and d. are both correct. 35.Assume Hospital A is a for-profit organization that pays taxes at a rate of 30 percent and Hospital B is a not-for-profit organization that pays no taxes. If depreciation expense for the year ended December 31, 2015 was doubled (e.g., from $100,000 to $200,000) for both organizations, which of the following statements is most correct? a. Net income would increase for both Hospitals A and B. b. Net income would decrease for Hospital A but not for Hospital B. c. Estimated cash flow would increase for both Hospitals d. Estimated cash flow would increase for Hospital A but e. Estimated cash flow would increase for Hospital B but 36.Which of the following statements about revenues, expenses, most correct? Revenues increase the equity of an organization. Expenses decrease the equity of an organization. Net income (less any dividend payments) increases the organization. Net losses decrease the equity of an organization. Statements a., b., c., and d. are all correct. A and B. not for Hospital B. not for Hospital A. and net income is equity of an 37.Which of the following statements about operating income, nonoperating income, and net income is most correct? Operating income typically is greater than net income. For hospitals, nonoperating income includes outpatient services income. Operating income focuses on the profitability of a providerâs core business. d. Net income is defined as operating income less nonoperating income. e. Net income focuses on the profitability of a providerâs core business. 38.Which of the following statements best describes the statement of changes in equity? It shows how much of net income is retained within the business. It shows how much of net income flows to the balance sheet equity account. For investor-owned businesses, it shows how much of net income is paid out as dividends. Statements a. and c. are both correct. Statements a., b., and c. are all correct. 44.A nonendowment contribution made to a not-for-profit healthcare organization that the donor specifies is to be used only for the provision of charity care would most likely be classified as: Unrestricted Temporarily restricted Forever restricted Board designated A liability 45.Which of the following statements about the balance sheet is most correct? The balance sheet provides information about the financial position of an organization as of a moment in time. The balance sheet provides detailed information about the assets, liabilities, equity, revenues, and expenses of an organization. The balance sheet is affected by changes in the net income of the organization. Statements a. and c. are both correct. Statements a., b., and c. are all correct. 47. True or False: The balance sheet and income statement together provide detailed information about where a business gets its cash and how that cash is spent. 48.Carlisle Clinic, a not-for-profit organization, began 2016 with an equity balance of $1,000,000. Assuming Carlisle Clinic reported net income of $200,000 for the year ended December 31, 2015, and had no other adjustments to equity during 2015, what was Carlisle Clinicâs equity balance as of December 31, 2014? $800,000 $1,200,000 $200,000 $1,000,000 Canât tell with the information provided 50. True or False: Fixed costs are those costs that are known (fixed) regardless of the relevant range, while variable costs are those costs that are known only within the relevant range. True or False: Managerial accounting data typically require assumptions about the future and are therefore more uncertain than financial accounting data. True or False: Through changes to contracts or other operational decisions, it may be possible to convert fixed costs to variable costs or vice versa. 56.Smith Pharmaceuticals is trying to estimate the breakeven volume of sales on a newly developed drug. Which of the following would be expected to reduce the number of pills Smith would need to sell to breakeven (i.e., which would result in a lower breakeven volume) assuming everything else remains the same? a. An increase in total fixed costs b. A decrease in the selling price per pill c. An increase in the variable cost per pill d. An increase in the unit (per pill) contribution margin e. An increase in allocated overhead (indirect) costs 57.Assume the local childrenâs hospital implements an outpatient asthma intervention to improve the health outcomes of children with asthma. As a result, the hospital sees a dramatic reduction in the number of inpatient admissions for children with asthma, but very little change in the total cost of operating the hospital. Which of the following statements describes the most likely reason for the lack of cost savings? The hospitalâs cost structure primarily consists of variable costs. The hospitalâs cost structure primarily consists of fixed costs. The hospitalâs cost structure consists of an equal mix of variable and fixed costs. The hospital reduced its capacity (i.e., downsized) following the drop in admissions. The hospital has a very high variable cost per admission. 58. True or False: An organization with high fixed costs (relative to variable costs) will suffer a greater decrease in profit as volume declines than an organization with high variable costs (relative to fixed costs). 59. True or False Costs that remain constant on a per unit basis but that increase in total as volume increases over a relevant range are referred to as semi-fixed costs. 65.Which of the following statements about the step-down method of cost allocation is most correct? The step-down method requires that overhead departments be ranked by the amount of services they provide to one another. The step-down method does not allocate costs from each overhead department to every other overhead department. The step-down method is less complex than the reciprocal method. The step-down method is more complex than the direct method. All of these statements are correct. 67. True or False: The classification of costs as direct or indirect depends on the unit (i.e., organization or department) of analysis. 68. True or False: When conducting a cost allocation, costs of a single support department should never be separated into multiple cost pools. 69. True or False: When the cost driver is changed, support department cost allocations to revenue-generating departments will change under the step-down method of cost allocation but not under the direct method of cost allocation.

FA 1041 Lecture : FA09September.docx

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