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Chap 18 - Chapter 18 Accounting and Reporting for Private...

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Chapter 18 - Accounting and Reporting for Private Not-for-Profit Organizations Chapter 18 Accounting and Reporting for Private Not-for-Profit Organizations Multiple Choice Questions 1. Reciprocal transfers where both parties give and receive something of value are A. contributed services. B. unconditional promises to give. C. endowment transactions. D. exchange transactions. E. required contributions. 2. Which of the following types of health care organizations follow FASB Accounting Standards Codification for GAAP? A. Entry A. B. Entry B. C. Entry C. D. Entry D. E. Entry E. 18-1
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Chapter 18 - Accounting and Reporting for Private Not-for-Profit Organizations 3. Which of the following types of health care organizations recognize depreciation expense ? 4. In accruing patient charges for the current month, which one of the following accounts should a hospital credit? 5. Which account would be credited in recording a gift of medicine to a nursing home from an outside party? 18-2
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Chapter 18 - Accounting and Reporting for Private Not-for-Profit Organizations 6. Which one of the following financial statements is not required by GAAP regarding a voluntary health and welfare organization? A. Statement of Financial Position. B. Statement of Functional Expense. C. Statement of Activities and Changes in Net Assets. D. Statement of Cash Flows. E. Statement of Operations. 7. Unconditional transfers of cash or other resources to an entity in a voluntary nonreciprocal transaction is the GAAP definition for 8. Which one of the following is a voluntary health and welfare organization ? 9. On a statement of functional expenses for a voluntary health and welfare organization, how are expenses classified? 18-3
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Chapter 18 - Accounting and Reporting for Private Not-for-Profit Organizations 10. Which of the following is not a question individuals ask of not-for-profit organizations in considering whether to make a contribution? A. Will donated funds be used effectively by the organization to accomplish its purpose?
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