HAC Cheat Sheet 2026

The 30 highest-yield HAC facts, distilled from real exam questions. Print it, save it as a PDF, or study it here — free, no sign-up.

1. Which agency establishes useful life guidelines for healthcare equipment used in Medicare cost reports? → Centers for Medicare & Medicaid Services (CMS)
2. What is the role of an external audit in healthcare finance? → To ensure transparency and accuracy in financial reporting
3. How does technology support Electronic Health Records & Financial Systems in Healthcare Accounting Certification? → It automates processes, reduces errors, and improves reporting
4. Which regulatory framework most impacts Internal Controls & Fraud Prevention in Healthcare Accounting Certification? → Federal and state regulatory requirements specific to the industry
5. Which depreciation method allocates an equal amount of expense each year over an asset's useful life? → Straight-line
6. A change in the estimated useful life of a depreciable healthcare asset is accounted for as: → A change in accounting estimate applied prospectively
7. What is the primary goal of Capital Planning & Investment Analysis in Healthcare Accounting Certification? → Ensuring accuracy, compliance, and financial integrity
8. A hospital uses a perpetual inventory system. Which is an advantage over a periodic system for high-value medical supplies? → Real-time tracking of inventory balances after each transaction
9. What is the role of documentation in Internal Controls & Fraud Prevention for Healthcare Accounting Certification? → Creating an auditable trail of all transactions and decisions
10. How does technology support Medicare & Medicaid Billing in Healthcare Accounting Certification? → It automates processes, reduces errors, and improves reporting
11. The Modified Accelerated Cost Recovery System (MACRS) is primarily used for which purpose in healthcare accounting? → Federal income tax depreciation
12. When a hospital receives a government grant to purchase equipment, the preferred GAAP treatment is to: → Record the grant as deferred revenue and amortize it over the asset's life
13. Which CMS cost report schedule requires hospitals to report total supply and pharmaceutical costs by cost center? → Worksheet B — Cost Allocation
14. A hospital acquires a building for $5,000,000. The land is independently appraised at $500,000. What amount is subject to depreciation? → $4,500,000
15. What happens when errors are discovered in Internal Controls & Fraud Prevention for Healthcare Accounting Certification? → Investigate, correct, document, and implement preventive measures
16. What is the difference between Medicare and Medicaid in terms of billing? → Medicare serves seniors, Medicaid supports low-income individuals
17. A hospital disposes of medical equipment with a net book value of $50,000 for $30,000 cash. What is the financial statement impact? → Loss of $20,000
18. What is the primary goal of Healthcare Insurance & Claims Processing in Healthcare Accounting Certification? → Ensuring accuracy, compliance, and financial integrity
19. Under FLSA, which healthcare workers are generally classified as exempt from overtime pay requirements? → Licensed physicians earning above the salary threshold
20. Which of the following items would NOT typically appear in a healthcare organization's fixed asset register? → Patient utilization statistics per procedure
21. Why is capital budgeting important for healthcare facilities? → To plan for long-term investments
22. What is the role of documentation in Revenue Cycle Management for Healthcare Accounting Certification? → Creating an auditable trail of all transactions and decisions
23. Which cost classification refers to expenses that change based on patient volume? → Variable costs
24. Under ASC 360, an impairment loss on a long-lived healthcare asset is recognized when: → The carrying amount exceeds undiscounted future cash flows
25. Which financial statement provides an overview of an organization’s financial position at a given time? → Balance sheet
26. What is the role of documentation in Medicare & Medicaid Billing for Healthcare Accounting Certification? → Creating an auditable trail of all transactions and decisions
27. What happens when errors are discovered in Medicare & Medicaid Billing for Healthcare Accounting Certification? → Investigate, correct, document, and implement preventive measures
28. Which regulatory framework most impacts Tax-Exempt Organization Accounting in Healthcare Accounting Certification? → Federal and state regulatory requirements specific to the industry
29. What happens when errors are discovered in Tax-Exempt Organization Accounting for Healthcare Accounting Certification? → Investigate, correct, document, and implement preventive measures
30. What ethical consideration is paramount in Healthcare Insurance & Claims Processing for Healthcare Accounting Certification? → Maintaining objectivity, transparency, and fiduciary duty