Which of the Following Statements About Medicare Is FALSE

question 89

Multiple Choice

Which of the following statements about Medicare is FALSE?

• A)Medicare pays for about 80 percent of the health care costs of older Americans.
• B)Medicare pays for acute illness.
• C)Medicare Part A is paid for in part by payroll tax.
• D)Medicare Part D is a prescription drug coverage plan.

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Definitions:

Functional Currency

The currency of the primary economic environment in which an entity operates and carries out its financial transactions.

Property, Plant, And Equipment

Long-term assets owned by a business for the purpose of production, supply, rental, or administrative use, not intended for sale during the normal course of business.

Current-Rate Method

An accounting technique used for converting foreign subsidiary financial statements into the parent company's reporting currency, translating all assets and liabilities at the current exchange rate.

Exchange Gains/Losses

The difference in value realized from the exchange of currency that can either be a profit (gain) or a loss due to fluctuating exchange rates.