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Accounting Expert Answers & Study Resources : Page 409

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33.(Transaction analysis, journal entries, and adjusting journal entries) Lillian Rose opened a facility to provide day care for children. The following transactions occurred during the month of July 2013, the first month of business. a.Lillian Rose invested $10,000 of her personal funds in a business, to be known as LilyRose Day Care. b.To.

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  • 33.(Transaction analysis, journal entries, and adjusting journal entries) Lillian Rose opened
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43.(Accounting for donations and donor-restricted and board-designated resources) A not-for-profit hospital uses the following funds to account internally for its resources: General Fund (GF); Specific Purpose Funds (SPF); Plant Replacement and Expansion Funds (PREF); and Endowment Funds (EF). The hospital is establishing a special trauma unit for brain-related injuries, and is.

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  • 43.(Accounting for donations and donor-restricted and board-designated resources) A not-for-profit hospital
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23.(Journal entries - set of transactions) The Federal Bureau of Nutrition Standards (BNS), a unit of the Health Department, is responsible for establishing standards for the quality and nutritional content of packaged food products. Prepare budgetary and proprietary entries to record the following transactions for the month of October, 2013. a.BNS received.

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  • 23.(Journal entries - set of transactions) The Federal Bureau of Nutrition
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Multiple Choice 1.For not-for-profit entities, external financial reporting focuses on: a.individual funds b.fund groups c.the organization as a whole d.major funds 2.When a not-for-profit entity's funds are classified as restricted, who has imposed the restrictions? a.the entity's board of trustees b.donors c.the bondholders d.government regulators 3.Under which of the following circumstances would a not-for-profit organization's net assets be classified as temporarily.

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  • Multiple Choice 1.For not-for-profit entities, external financial reporting focuses on: a.individual funds b.fund
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30.              (Analyzing a governmental entity's financial statements) The following data comes from the 2013 financial statements of the Village of Matthews. Although presented in summarized format, the balance sheet debits and credits are equal and the operating statement information is complete. General Fund - Balance Sheet Elements Cash$1,200,000 Short-term investments405,000 Property taxes receivable - delinquent282,000 Due.

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  • 30.              (Analyzing a governmental entity's financial statements) The following data comes
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Problems 39.(Reporting Internal Service Fund activity in government-wide financial statements) Regina County has an Internal Service Fund (ISF) that operates a motor pool for various county agencies, all of which receive appropriations from the General Fund. The amounts billed by the ISF during 2012 were: General government programs - $60,000; Public safety.

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  • Problems 39.(Reporting Internal Service Fund activity in government-wide financial statements) Regina County
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21.After it prepares its financial statements, a hospital has historically received malpractice claims for events occurring before the balance sheet date. How should the hospital handle these incurred but not reported (IBNR) claims its financial statements? a.take no action until it actually receives claims. b.disclose, in the notes to its financial statements,.

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  • 21.After it prepares its financial statements, a hospital has historically
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45.(Journal entries for several funds) Prepare entries to record the following transactions, showing which funds are affected. If a transaction affects more than one fund, prepare entries for all affected funds. a. The county adopts the following budget for its General Fund on January 1, 2013. Estimated revenues: Property taxes$520,000 Sales taxes80,000 Appropriations: Salaries480,000 Supplies and other60,000 Transfer.

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  • 45.(Journal entries for several funds) Prepare entries to record the
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Problems 41.(Journal entries for patient service revenues; computation of net patient service revenue) Prepare journal entries to account for the following transactions for Cort Hospital. Also, compute the net service revenue to be reported in the Hospital's statement of operations. a.Cort provided services to patients during the year, billing a total of $59,500,000.

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  • Problems 41.(Journal entries for patient service revenues; computation of net patient
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45.              (Distinguishing among the three net asset classifications) Assume that Andy Kelly Hospital (Problem 44) is a not-for-profit hospital. For each of the six transactions or events shown in that problem, state which of the three net asset classifications are affected: unrestricted; temporarily restricted; or permanently restricted. 46.(Preparing a not-for-profit hospital operating.

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  • 45.              (Distinguishing among the three net asset classifications) Assume that Andy
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34.              (Preparation of financial statements) (This problem is based on the transactions for problem 33.) Following is a trial balance for LilyRose Day Care, as of July 31, 2013, the end of its first month of business. Based on the trial balance, prepare an income statement for the month ended July 31,.

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  • 34.              (Preparation of financial statements) (This problem based the transactions for
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31.              Differences between a hospital's established rates and amounts negotiated with third-party payers are referred to as: a.contractual adjustments b.unrecovered costs c.equity adjustments d.restricted revenues 32.Which of the following is reported as an expense by not-for-profit hospitals? a.charity care b.bad debts c.contractual adjustments d.volunteer and employee discounts 33.The accounting and financial reporting procedures for which fund category apply to governmental.

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  • 31.              Differences between a hospital's established rates and amounts negotiated
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Multiple Choice 1.Which of the following formulations of the accounting equation is incorrect? a.assets - liabilities = equity b.assets = liabilities + equity c.assets = liabilities + opening equity + (revenues - expenses) + (owner additions to – withdrawals from equity) d.assets = liabilities - equity 2.John pays cash to buy auto insurance for a three-year.

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  • Multiple Choice 1.Which of the following formulations of the accounting equation
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28.(Financial statement analysis of a governmental enterprise hospital) Following is a trial balance (with 000 omitted for simplification) showing the accounts of Beta Hospital at December 31, 2013. Using the information from the trial balance, analyze Beta's financial statements by answering the following questions. Show all calculations. a.What is the current ratio?.

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  • 28.(Financial statement analysis of a governmental enterprise hospital) Following a trial
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Learning Objective 1-7 1) Which of the following is not an ethical behavior of Practitioner's of Management Accounting and Financial Managers? A) Maintains an appropriate level of professional expertise by continually developing knowledge and skills. B) Performs professional duties in accordance with relevant laws, regulations, and technical standards. C) Provides decision support information and.

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  • Learning Objective 1-7 1) Which of the following not an ethical
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Learning Objective 1-2 A) is not consistent with organizational goals. B) does not relate to ethical practices. C) has no focus on the organization. D) specifically focuses on strategic issues. E) does not specifically focus on strategic issues. 2) Which of the following is not one of the six primary business functions that managerial accountants use.

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  • Learning Objective 1-2 A) not consistent with organizational goals. B) does not
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  Problems 43.              (Identifying the net asset classifications and funds used for transactions by NFPOs) The following transactions pertain to the activities of the Whitt Shakespeare Company (WSC), a not-for-profit entity. For each transaction, state which classification of net assets is affected: unrestricted, temporarily restricted, or permanently restricted. In addition, state the fund.

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  •   Problems 43.              (Identifying the net asset classifications and funds used for
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31.Jace Township's General Fund reports a balance due from another fund.  This item and the corresponding interfund liability will appear in Jace Township's government-wide statement of net position only if the debtor fund is a.an enterprise fund b.a capital projects fund c.an internal service fund d.a permanent fund 32.If a government uses the "modified approach".

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  • 31.Jace Township's General Fund reports a balance due from another
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Multiple Choice 1.In the federal government, which organizations make appropriations and which make apportionments? a.The Congress makes appropriations, and department heads apportion the appropriations to individual agencies or divisions within the department. b.The Congress makes appropriations, and the Treasury Department appropriates to individual departments the total amount apportioned by the Congress. c.The President makes.

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  • Multiple Choice 1.In the federal government, which organizations make appropriations and
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41.              (Entries to prepare government-wide financial statements - revenue and expense accruals) For the following situations, make adjusting entries necessary to prepare government-wide financial statements. Where appropriate, take account of the amounts reported in the fund-level financial statements. a.To prepare its government-wide financial statements for the year ended December 31,2012, the.

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  • 41.              (Entries to prepare government-wide financial statements - revenue and
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Learning Objective 2-1 1) The cost incurred is: A) actual costs. B) budgeted costs. C) cost object. D) cost accumulation. E) cost allocation. 2) A ________ is usually measured as the amount of money that must be paid to acquire goods and services. A) time B) cost C) goal D) product E) prediction 3) Which of the following explains why managers compare the.

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  • Learning Objective 2-1 1) The cost incurred is: A) actual costs. B) budgeted
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43.(Preparation of Government-Wide Financial Statements) On the following page is the government-wide adjusted trial balance for the Town of Catlettville as of June 30, 2013, the end of the fiscal year.  The adjustments needed to convert accounting information from the current financial resources measurement focus and modified accrual basis of accounting.

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  • 43.(Preparation of Government-Wide Financial Statements) On the following page the government-wide
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11.What can a financial analyst learn from a hospital's number of days' revenue in receivables? a.the hospital's accounts receivable collection efficiency b.the average length of stay of patients in the hospital c.the average daily occupancy rate of the hospital's beds d.the proportion of hospital beds occupied by patients covered by self-pay patients 12. and 13. This.

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  • 11.What can a financial analyst learn from a hospital's number
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36. (Preparation of financial statements)               (This problem is based on the transactions for problem 35.) Following is a trial balance for Ricardo Sanchez's Auto Repair as of January 31, 2013. Prepare an (1) income statement and a (2) statement of changes in owner's equity for the month ended January 31, 2013,.

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  • 36. (Preparation of financial statements)               (This problem based the transactions
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11) The ________ ________ is an administration function that includes the human resource management function of training front-line workers. A) design function B) distribution function C) production function D) marketing function E) customer service function 12) The ________ function is the function of analyzing, reporting, and accounting for those resources spent in different marketing channels; while.

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  • 11) The ________ ________ an administration function that includes the
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Multiple Choice 1.Which of the following statements is generally true about the basis of accounting used by governmental and not-for-profit hospitals? a.both use the full accrual basis of accounting b.both use the modified accrual basis of accounting c.governmental hospitals use the modified accrual basis of accounting and not-for-profit hospitals use the full.

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  • Multiple Choice 1.Which of the following statements generally true about the
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Problems 26.(Assessment of a hospital's accounts receivable collection efficiency) Assess Plains Regional Hospital's accounts receivable collection efficiency based on the following set of facts: a.Days' revenue in patient accounts receivable at December 31, 2012, for Plains Regional Hospital - 76 days b.Extracts from Plains Regional Hospital's calendar year 2013 financial statements: Net patient accounts.

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  • Problems 26.(Assessment of a hospital's accounts receivable collection efficiency) Assess Plains Regional
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Learning Objective 1-1 1) Managers use management accounting information to do all of the following except: A) collect. B) analyze. C) perform. D) categorize. E) summarize. 2) Managers make cost management decisions to increase the value of products and services they provide to customers and to achieve organizational goals. Which of the following is not an.

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  • Learning Objective 1-1 1) Managers use management accounting information to
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