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(Multiple Choice)1. What are the components of the net position section of a governmental hospital balance sheet?a. Unrestricted; temporarily restricted permanently restrictedb. Assets limited as to use assets unlimited as to usec. Net investment in capital assets restricted unrestrictedd. Restricted; unrestricted2. A county hospital receives grants from higher level governments that must be used to construct and equip a special trauma unit. How should the hospital report the grants in its financial statements?a. As nonoperating revenuesb. After nonoperating revenues ( expenses) to arrive at total change in net positionc. As a direct addition to net investment in capital assetsd. As an item of extraordinary or special revenue3. A county hospital receives $ 1 million from the county, General Fund to help cover the hospital, annual operating deficit. How should the hospital report that receipt of cash?a. As operating revenuesb. As nonoperating revenuesc. After nonoperating revenues ( expenses) to arrive at total change in net positiond. As a direct addition to unrestricted net position4. A county hospital receives a grant of $ 250,000 from the State Health Department, which specifies that the grant may be used for any purpose the trustees wish, provided it is used at the rate of $ 50,000 a year for the next 5 years, starting the following year. How should the hospital report the gift in its financial statements in the year the cash is received?a. As an advanceb. As revenue in the amount of $ 250,000c. As revenue in the amount of $ 250,000, discounted at the government, borrowing rate over the 5 year periodd. As a direct addition to unrestricted net position5. How is interest on long- term bonds issued by a county hospital generally reported?a. As operating expensesb. As nonoperating expensesc. As a separate item after nonoperating revenues ( expenses) to arrive at total change in net positiond. As a direct reduction of beginning net position
Alternatively, SCCC can rent a pre-fabricated building at a cost of $1000 per month with no set-up or dismantling costs. It will benefit SCCC to build the office if it expects the stadium project to exceed.
maria alvarez a beginning accounting student believes debit balances are favorable and credit balances are unfavorable.
During the year ended December 31, 2012, a not for profit hospital had both unrealized and realized gains on investments made with its unrestricted net assets. How should these gains be reported in the hospital, statement of operations for the yea..
why are expenses paid for in advance reported as assets? what happens to this asset as time passes and what are the
abc company employs a periodic inventory system and sells its inventory to customers for 15 per unit. abc company had
Selby Hinkle is the sole stockholder and operator of Osaka, a motivational consulting business. At the end of its accounting period, December 31, 2007,
Assume that this proposal is adopted, and that as a result sales in Store Q increase by $40,000. The new segment margin for Store Q should be:
Calculate the total manufacturing cost and the cost per unit for the month of August. Assume instead that Baja Industries applies manufacturing overhead on the basis of $40.00 per direct labor hours (rather than the ABC method). Calculate the total..
For items (a) and (j), analyze the amount and direction (or ) of effects on specific financial statement accounts and the overall accounting equation. Prepare journal entries for items (a) and (j). Show how Accounts Receivable, Notes Receivable, and ..
molina company has beginning and ending work in process inventories of 130000 and 145000 respectively. if total
Beige's earnings and profits are $300,000. Beige redeems 200 of Lois' shares for $100,000. Determine the amount of Lois' recognized gain (1) if she is Sam's mother and (2) if they are unrelated.
on june 20 2010 the company paid 2115 on the equipment loan and 429 on accrued interest. of the 429 220 was accrued
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