Info
Warning
Danger

Accounting Expert Answers, Study Resources & Learning Aids : Page 709

The vast field of accounting contributes to one of the largest subjects in our study resources. Accounting flashcards, homework answers for textbooks & other learning aids can increase your competency in this domain instantly. Become a top student with our support. Search Now…

Ask an Expert

Our Experts can answer your tough homework and study questions.

Answers in as fast as 15 minutes
Post a Question
Subjects icon
150244 Materials
0 Students Benefited

Short Answer Questions 49.The following are key terms in Chapter 16 that relate to accounting for health care organizations: A. Contractual adjustments B. Capitation fees C. Charity care D. Diagnosis-related groups E. Prospective payment system F. Health maintenance organizations G. Performance indicator H. Third-party payor For each of the following definitions, indicate the.

Homework Answers
10 Views

Multiple Choice Questions 26.Which of the following is not a fund group used by the federal government? A.General Fund. B.Permanent Fund. C.Special Fund. D.Trust Fund. 27.Which of the following is not a part of the FASAB due process for establishing a federal financial accounting standard? A.Public comment on a discussion memorandum. B.Issuing an exposure draft. C.Unanimous approval by the.

Homework Answers
13 Views

36.Which of the following could be included in the performance indicator measure provided by a nongovernmental not-for-profit hospital? A.Contribution to an endowment. B.Gain on sale of equipment. C.Grant restricted for diabetes research. D.Interest income that is temporarily restricted. 37.Which of the following would usually be considered as temporarily restricted net assets in a nongovernmental not-for-profit.

Homework Answers
7 Views

11.Federal government agencies prepare a management's discussion and analysis (MD&A) to be included in their general purpose federal financial report. 12.Under SFFAC No. 2, all federal agencies are defined as separate reporting entities for financial statement preparation and reporting purposes. 13.Objectives that are identified by SFFAC No. 1 for federal financial reporting.

Homework Answers
10 Views

11.Not-for-profit organizations risk loss of their tax-exempt status if they engage in any political activity. 12."Excess benefit transactions" are those in which persons who have substantial influence over the not-for-profit organization engage in transactions that result in economic benefits to them that are excessive, such as unreasonable compensation, sale of assets.

Homework Answers
13 Views

Essay Questions 53.There are three main reasons why a nongovernmental not-for-profit hospital does not receive the full amount that it normally charges for a room: 1) contractual adjustments arising from transactions with third-party payors, 2) charity service provided to indigent patients, and 3) bad debts. Compare the accounting treatment for the.

Homework Answers
7 Views

True / False Questions 1.Financial reporting standards for all hospitals are established by the FASB. 2.Patient service revenues and related receivables exclude charges for charity care services. 3.In accounting for health care entities, the account Provision for Bad Debts should be reported as a contra-revenue, rather than as an expense. 4.Under the FASB GAAP.

Homework Answers
20 Views

11.A nongovernmental not-for-profit health care entity would report the net asset categories unrestricted, restricted, and permanently restricted. 12.Continuing care retirement communities (CCRC) provide residential care in a facility, along with some level of long-term medical care that is less intensive that hospital care. 13.All health care organizations report investments at fair value.

Homework Answers
11 Views

69.The not-for-profit organization Accountants Rule has a mission to promote the accounting profession in the local community.It is heavily supported by local accounting firms and businesses seeking to increase the number of individuals entering the profession.Following is the pre-closing trial balance for the organization.In good form, prepare a statement of.

Homework Answers
35 Views

Essay Questions 50.Describe the process for becoming a tax-exempt organization. Why do you believe it is important for an accountant to understand this process? 51.Why do states and the federal government exercise oversight responsibility over not-for-profit, tax-exempt corporations? How do states and the federal government differ in the way they exercise this.

Homework Answers
10 Views

Multiple Choice Questions 27.Which of the following statements is true regarding generally accepted accounting principles (GAAP) for colleges and universities? A.The FASB has set standards for private and public colleges and universities from the time of its inception in 1974. B.The National Association of Colleges and University Business Officers (NACUBO) provides category (b).

Homework Answers
17 Views

Multiple Choice Questions 1.An accounting information system is a set of interrelated: A. Activities and documents only. B. Activities and technologies only. C. Documents and technologies only. D. Activities, documents and technologies. 2.The components of an accounting information system are designed to collect ___ and report ___. A. Data; information B. Data; data C. Information; information D..

Homework Answers
26 Views

Multiple Choice Questions 26.According to FASB standards, which of the following entities would not be considered a health care organization? A.The Heart Research Institute. B.The St. George Hospital. C.The Family Practice Medical Clinic. D.The Northeast Health Maintenance Organization. 27.Which of the following is (are) considered an authoritative source of GAAP for nongovernmental not-for-profit health care entities? A.The.

Homework Answers
8 Views

True / False Questions 1.Nongovernmental (private) colleges and universities should follow FASB standards; governmental (public) colleges and universities should follow GASB standards. 2.Under GASB standards, public colleges and universities are considered general purpose governments. 3.The accrual basis of accounting is used to record revenues and expenses of both public business-type and private colleges.

Homework Answers
27 Views

True / False Questions 1.Responsibility for setting accounting and reporting standards for federal agencies rests primarily with the Federal Accounting Standards Advisory Board. 2.By law, federal agencies must incorporate the accounting standards (GAAP) established for the federal government into their financial management systems. 3.The objectives of federal financial reporting are to assist report.

Homework Answers
20 Views

51.The AICPA Core Competency framework comprises three parts. Which of the following best pairs a specific competency with the correct part? A. Resource management, broad business perspective B. Risk analysis, functional C. Both resource management, broad business perspective and risk analysis, functional D. Neither resource management, broad business perspective nor risk analysis, functional 52.The.

Homework Answers
7 Views

Essay Questions 70.Explain the purpose of FASB ASC 958-720-45 on joint-cost accounting as it relates to reporting fund-raising and program expenses of a not-for-profit organization. How is this standard applied? 71.Distinguish not-for-profit organizations from entities in the government and commercial sectors of the U.S. economy. 72.Distinguish between "support" and "revenues from exchange transactions." 13-1 .

Homework Answers
14 Views

36.One of the purposes of the Federal Financial Management Improvement Act of 1996 was to: A.Establish a requirement that the financial statements of the federal government as a whole be audited. B.Improve the effectiveness of programs receiving federal funds. C.Establish generally accepted federal accounting principles. D.Rebuild the credibility and restore public confidence in the.

Homework Answers
9 Views

Multiple Choice Questions 26.Which of the following is not a true statement about tax-exempt organizations? A.They must be organized to serve the charitable needs of the public at large. B.They must first become a not-for-profit corporation or charitable trust. C.They are permitted to do some political lobbying if guidelines are met. D.Their unrelated business income.

Homework Answers
16 Views

36.A good measure that can be used to help assess whether a not-for-profit organization is spending too much on overhead, such as general and administrative expenses, is: A.Percentage of unrestricted net assets to operating expenses. B.Current ratio. C.Total revenues divided by total expenses. D.Percentage of program expenses to total expenses. 37.A good measure of whether.

Homework Answers
13 Views

47.Which of the following is not a classification of revenues for a college or university as recommended by the National Association of College and University Business Officers (NACUBO)? A.Sporting events. B.Federal appropriations. C.Investment income. D.Private gifts. 48.State educational appropriations received by a public university are classified as which of the following on the statement of.

Homework Answers
18 Views

Short Answer Questions 51.The following are key terms in Chapter 17 that relate to accounting and financial reporting for federal agencies and the federal government: A. Apportionment B. Budgetary resources C. Expended appropriation D. Governmental assets E. Heritage assets F. Intragovernmental assets G. Stewardship investments H. Stewardship land For each of the following.

Homework Answers
10 Views

True / False Questions 1.A state has the obligation to monitor and regulate a not-for-profit (NFP) organization because it granted the NFP tax-exempt status through the not-for-profit corporation laws. 2.The federal government's primary objective in regulating not-for-profit organizations through the income tax laws is to limit the number of exempt organizations that.

Homework Answers
30 Views

37.Which of the following is required as part of a complete set of financial statements for a private college or university? A.Statement of changes in operations. B.Statement of revenues, expenses, and changes in net assets. C.Statement of activities. D.Statement of functional expenses. 38.Colleges and universities often make loans to students. How would these loans be.

Homework Answers
15 Views

52.Your client is a nongovernmental not-for-profit museum that operates a gift shop. Explain the unrelated business income tax to your client and suggest ways to avoid this tax. 53.Explain the purpose of "intermediate sanctions". 54.Describe the difficulty in comparing the financial performance of a not-for-profit organization to other similar organizations. What benchmarks.

Homework Answers
20 Views

Can't find what you're looking for ?

Ask our exprts a study questions, on us.
Get free Homework Help*