A nonprofit hospitals revenues and expenses are reported on its statement of activities TRUE or FALSE?
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A nonprofit hospitals revenues and expenses are reported on its statement of activities
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- A voluntary health and welfare entity produces a statement of functional expenses. What is the purpose of this statement? Choose the correct.a. Separates current unrestricted and current restricted funds.b. Separates program service expenses from supporting service expenses. c. Separates cash expenses from noncash expenses.d. Separates fixed expenses from variable expenses.How does charity care affect the patient service revenue reported by hospitals, and what measure of charity care are hospitals required to disclose in the notes to their financial statements?A voluntary health and welfare entity produces a statement of functional expenses. What is the purpose of this statement? Separates current unrestricted and current restricted funds. Separates program service expenses from supporting service expenses. Separates cash expenses from noncash expenses. Separates fixed expenses from variable expenses.
- which of the following is operational income : other revenues, investment income , patient service revenue charitable contribution, premium revenuesCommunity benefits serve as justification for a non-profit healthcare organization's tax-exempt status. True or FalseWhy do we need accounting for non-profit organizations?
- A hospital should report earnings from endowment funds that are restricted to a specific operating purpose as a. temporarily restricted revenues. b. permanently restricted revenues. c. unrestricted revenues. d. unrestricted revenues when expended.2. ACCOUNTING FOR HEALTH CARE PROVIDERS/HOSPITALS • What Unique Issues do Health Care Providers Face? • What are the Key Differences Between Private Not-For-Profit and Government Health Care Providers? • What Are the Basic Financial Statements? • What are the Key Revenues and Expenses? • How are the key revenues and expenses recognized?A fund represents part of the activities of an organization which is separated from other activities in the accounting records to demonstrate compliance more easily with legal restrictions or limitations. True or False?
- The following questions concern the appropriate accounting for a private not-for-profit health care entity. Write complete answers for each question. What is a third-party payor, and how have third-party payors affected the development of accounting principles for health care entities? What is a contractual adjustment, and how does a health care entity record this figure? How does a not-for-profit health care entity account for donated materials and services? How does a not-for-profit health care entity account for donated materials and services?If a government hospital gets unrestricted donations that are not a part of a hospital's major ongoing operations, those donations are classified on the statement of revenues, expenses, and changes in net position as: An operating revenue. An operating gain. An other financing source. A nonoperating gain.Amounts that come from accounts of unvested employees that can be directed/contributed to the accounts of other employees who participate and remain in the plan are known as what? Select one: a. Matching contributions b. Excess contributions c. Forfeitures d. Rollover contributions