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 ? A. Entry A. B. Entry B. C. Entry C. D. Entry D. E. Entry E. 4. In accruing patient charges for the current month, which one of the following accounts should a hospital credit? A. Accounts Payable. B. Deferred Revenue. C. Unearned Revenue. D. Patient Service Revenues. E. Accounts Receivable. 5. Which account would be credited in recording a gift of medicine to a nursing home from an outside party? A. Nonoperating Gain - Contributions. B. Contractual Adjustments. C. Patient Service Revenues. D. Drugs and Medicines. E. Nonoperating Revenues - Contribution. 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 A. miscellaneous revenues. B. contributions. C. unconditional promises to give. D. exchange transactions. E. pledges. 8. Which one of the following is a voluntary health and welfare organization ? A. Charity raising money for underprivileged children. B. Nursing home. C. Clinic. D. Hospital. E. Preschool. 9. On a statement of functional expenses for a voluntary health and welfare organization, how are expenses classified? A. Health services expenses and operating expenses. B. Program services expenses and administrative services expenses. C. Program services expenses and supporting services expenses. D. Operating expenses and supporting services expenses. E. Operating expenses and administrative expenses. 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?
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Chap 18 - Chapter 18 - Accounting and Reporting for Private...

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