Author Question: The accounting and financial reporting procedures for which fund category apply to governmental ... (Read 84 times)

Marty · **on:** Jul 5, 2018

The accounting and financial reporting procedures for which fund category apply to governmental hospitals?

a. governmental type funds
b. proprietary type funds
c. fiduciary type funds
d. restricted type funds

Question 2

The Account Title and Balance Sheet columns of the work sheet provide all of the information necessary to prepare the statement of owner's equity.
a. True
b. False
Indicate whether the statement is true or false

miss.ashley · **Reply #1 on:** Jul 5, 2018

Answer to Question 1

b

34 A not-for-profit hospital, the Ruth Clark Hospital established a fund-raising Foundation at the beginning of its calendar year. By the end of the year, the Foundation had raised 750,000 in cash600,000 of which was restricted by donors to acquire a new building and 150,000 of which was unrestricted. How should the Ruth Clark Hospital report its interest in the Hospital Foundation and the contributions it received at the end of the first year?
a. as cash of 900,000, other revenues (or gains) unrestricted of 150,000, and other revenues (or gains) temporarily restricted of 750,000
b. as interest in hospital foundation of 900,000, other revenues (or gains) unrestricted of 150,000, and other revenues (or gains) temporarily restricted of 750,000
c. it should not report the contributions: the Hospital Foundation is a separate entity
d. as cash of 900,00, unrestricted net assets of 150,000, and temporarily restricted net assets of 600,000

b

Answer to Question 2

True