EBK ADVANCED FINANCIAL ACCOUNTING
11th Edition
ISBN: 8220102796096
Author: Christensen
Publisher: YUZU
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Question
Chapter 19, Problem 19.24.13P
To determine
Introduction: FASB stands for Financial Accounting Standards Board is a private, not for profit organization whose basic objective is to develop and promote generally accepted accounting principles in the United States of America. It is an independent organization that sets accounting standards for companies and firms within US.
To choose: Whether the given statement is true or false
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Topic: Accounting For Non-Profit Organization
A hospital has three revenue-controlling accounts: Patient Service Revenues, Other Operating Revenues, and Nonoperating Revenues.1. State in general terms the type of revenues found in each controlling account.2. Indicate into which of the three controlling accounts each of the following would be placed by using the symbols PS for Patient Service Revenues, OO for Other Operating Revenues, N for Nonoperating Revenues, and N/A if not a revenue item:a. Tuition for entry to the nursing school.b. An unrestricted gift of cash.c. General nursing fees charged to patients.d. Charges for physicians’ care.e. A restricted gift used for research on genes.f. Dividends from the hospital’s investments.g. Revenues from gift shop sales.h. Patient room and board charges.i. Proceeds from sales of cafeteria meals.j. Recovery room fees.k. Contributions for plant replacement and expansion.
Question:
Describe the accounting
treatment by hospitals and
health care organizations for
each of the following:
(A) Charity Care
(B) Bad Debts
(C) Contractual Adjustments
Chapter 19 Solutions
EBK ADVANCED FINANCIAL ACCOUNTING
Ch. 19 - Prob. 19.1QCh. 19 - Prob. 19.2QCh. 19 - Prob. 19.3QCh. 19 - Prob. 19.4QCh. 19 - Prob. 19.5QCh. 19 - Prob. 19.6QCh. 19 - Prob. 19.7QCh. 19 - Prob. 19.8QCh. 19 - Prob. 19.9QCh. 19 - Prob. 19.10Q
Ch. 19 - Prob. 19.11QCh. 19 - Prob. 19.12QCh. 19 - Prob. 19.13QCh. 19 - Prob. 19.14QCh. 19 - Prob. 19.15QCh. 19 - Prob. 19.16QCh. 19 - Prob. 19.17QCh. 19 - Prob. 19.18QCh. 19 - Should a rotary club, an ONPO, report depreciation...Ch. 19 - Prob. 19.20QCh. 19 - Prob. 19.21QCh. 19 - Prob. 19.1CCh. 19 - Prob. 19.2CCh. 19 - Prob. 19.3CCh. 19 - Prob. 19.4CCh. 19 - Prob. 19.7CCh. 19 - Prob. 19.1.1ECh. 19 - Prob. 19.1.2ECh. 19 - Prob. 19.1.3ECh. 19 - Prob. 19.1.4ECh. 19 - Prob. 19.1.5ECh. 19 - Prob. 19.1.6ECh. 19 - Prob. 19.2.1ECh. 19 - Prob. 19.2.2ECh. 19 - Prob. 19.2.3ECh. 19 - Prob. 19.2.4ECh. 19 - Prob. 19.2.5ECh. 19 - Prob. 19.2.6ECh. 19 - Prob. 19.2.7ECh. 19 - Prob. 19.2.8ECh. 19 - Prob. 19.2.9ECh. 19 - Prob. 19.2.10ECh. 19 - Prob. 19.2.11ECh. 19 - Prob. 19.2.12ECh. 19 - Prob. 19.3ECh. 19 - Prob. 19.4ECh. 19 - Prob. 19.5.1ECh. 19 - Prob. 19.5.2ECh. 19 - Prob. 19.5.3ECh. 19 - Prob. 19.5.4ECh. 19 - Prob. 19.5.5ECh. 19 - Prob. 19.5.6ECh. 19 - Prob. 19.5.7ECh. 19 - Prob. 19.5.8ECh. 19 - Prob. 19.5.9ECh. 19 - Prob. 19.6ECh. 19 - Prob. 19.7ECh. 19 - Prob. 19.8.1ECh. 19 - Prob. 19.8.2ECh. 19 - Prob. 19.8.3ECh. 19 - Prob. 19.8.4ECh. 19 - Prob. 19.8.5ECh. 19 - Prob. 19.8.6ECh. 19 - Prob. 19.8.7ECh. 19 - Prob. 19.8.8ECh. 19 - Prob. 19.8.9ECh. 19 - Prob. 19.8.10ECh. 19 - Prob. 19.9ECh. 19 - Prob. 19.10PCh. 19 - Prob. 19.11PCh. 19 - Prob. 19.12PCh. 19 - Prob. 19.13PCh. 19 - Prob. 19.14PCh. 19 - Prob. 19.15PCh. 19 - Prob. 19.16PCh. 19 - Prob. 19.17PCh. 19 - Prob. 19.18PCh. 19 - Prob. 19.19PCh. 19 - Prob. 19.20PCh. 19 - Prob. 19.21PCh. 19 - Prob. 19.22PCh. 19 - Prob. 19.23PCh. 19 - Prob. 19.24.1PCh. 19 - Prob. 19.24.2PCh. 19 - Prob. 19.24.3PCh. 19 - Prob. 19.24.4PCh. 19 - Prob. 19.24.5PCh. 19 - Prob. 19.24.6PCh. 19 - Prob. 19.24.7PCh. 19 - Prob. 19.24.8PCh. 19 - Prob. 19.24.9PCh. 19 - Prob. 19.24.10PCh. 19 - Prob. 19.24.11PCh. 19 - Prob. 19.24.12PCh. 19 - Prob. 19.24.13PCh. 19 - Prob. 19.24.14PCh. 19 - Prob. 19.24.15PCh. 19 - Prob. 19.24.16PCh. 19 - Prob. 19.24.17PCh. 19 - Prob. 19.24.18PCh. 19 - Prob. 19.24.19PCh. 19 - Prob. 19.24.20PCh. 19 - Prob. 19.25PCh. 19 - Prob. 19.26P
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Similar questions
- Explain the following accounting terms in relation to healthcare providers:a. What is the difference between Gross Revenue and Net Revenue? (Hint: Think about discounts and charity care)b. What is the difference between Charity Care and Bad Debt Losses? How is each handled on the income statement?arrow_forwardDescribe the accounting treatmentarrow_forwardNonearrow_forward
- 1. What are the four elements of financial management? 2. Briefly explain The Information Flow. 3. How can social media help a hospital manage the patient experience? 4. Briefly explain the difference between short-term and long-term assets. 5. What are the major differences in Government Sourcesand Managed Care Source? 6. Explain the two types of disbursements for services. 7. What is the difference between direct and indirect costs? Explain.arrow_forwardnot use ai pleasearrow_forwardThe 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?arrow_forward
- 61. Which of the following types of health care or- ganizations follow FASB statements? TIT Investor-Owned Health Care Private Governmental Нealth Enterprises Yes Not-for-Profit Organizations Organizations Yes No Yes a. b. Yes Yes с. No No Yes d. Yes No Yes 62. Which of the following types of health care or- ganizations recognize depreciation expense? Investor-Owned Health Care Governmental Health Care Not-for-Profit Organizations Yes Enterprises Yes Yes No Organizations No Yes Yes а. No No с. d. Yes Yes Yes 63. In accruing patient charges for the current month, which one of the following accounts should a hospi- tal credit? a. Accounts Payable b. Patient Service Revenues c. Unearned Revenue d. Deferred Revenue 64. According to the AICPA Audit Guide, hospitals should prepare which of the following financial statements? Statement of Changes In Net Assets Yes Statement of Operations No а. b. Yes Yes Yes No No с. d. Noarrow_forwardA private not-for-profit health care entity has the following account balances: What is reported as the organization’s net patient service revenue? $880,000 $800,000 $690,000 $680,000arrow_forwardIf 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.arrow_forward
- Subject : Accountingarrow_forwardPlease answer with reason why the option is correct and why remaining options are incorrect Which of the following statements is prepared by all not-for-profit organizations? Statement of financial position. a. b. C. d. Statement of functional expenses. Statement of revenues, expenses, and changes in net position. Both A and B.arrow_forwardPrepare a statement of revenue, expense, and change in Fund net position.Hint: Not all accounts listed in this problem may be used in the correct solution. This means you need to distinguish between income statement accounts and balance sheet accounts.arrow_forward
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