Hospital financial resources are required by a bond indenture to be set aside to finance construction of a new pediatrics facility. In which of the following hospital net asset classes should these resources be reported?a. Permanently restrictedb. Temporarily restrictedc. Unrestrictedd. Refundable deposits

Hospital financial resources are required by a bond indenture to be set aside to finance construction of a new pediatrics facility. In which of the following hospital net asset classes should these resources be reported?a. Permanently restrictedb. Temporarily restrictedc. Unrestrictedd. Refundable deposits

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

A hospital should report earnings from endowment funds that are restricted to a specific operating purpose as a. temporarily restricted revenues. b. permanently restricted revenues. c. unrestricted revenues. d. unrestricted revenues when expended.
A $5,000,000 bond is issued by Northern City to build a new hospital and the proceeds of the bond are received directly by the fund that will be disbursing the monies for the hospital construction. Required: Prepare the journal entry and identify the fund in which it is recorded to reflect the bond issue.
To qualify property to be pledged as collateral for a VA guaranteed loan, it must meet VA standards as determined by written affidavit of the veteran seller. inspection and approval of the lender's agent. any approved VA builder. a VA approved appraiser.
Ross Hospital’s accounting records disclosed the following information: Net resources invested in plant assets (hospital policy is to release donor restrictions when assets are placed in service) . . . . . . . $10,000,000Board-designated funds. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,000,000What amount should be included as unrestricted net assets?a. $12,000,000b. $10,000,000c. $2,000,000d. $0
Dee City’s community hospital, which uses enterprise fund reporting and chooses to follow FASB guidelines, normally includes proceeds from sale of cafeteria meals ina. patient service revenues.b. other operating revenues.c. ancillary service revenues.d. deductions from dietary service expenses.
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.
A nonprofit hospitals revenues and expenses are reported on its statement of activities TRUE or FALSE?
In what fund type should the proceeds from special assessment bonds issued to finance construction of sidewalks in a new subdivision be reported? a. Agency fund b. Special revenue fund c. Enterprise fund d. Capital projects fund
Which of the following statements are correct regarding the characteristics of a conservatorship (guardianship of the estate) used to care for an incompetent person's property? I. the powers of the conservator are set forth in either a revocable living trust or a contingent standby trust. II. the conservator may have to file annual reports regarding the status of the assets under his care. III. the conservator may be required to post a performance bond. IV. the conservator has a fiduciary duty to care for the incompetent person's property. A) I, II, III, and IV B) I and II C) II, III, and IV D) I and IV
For each of the following accounts indicate in which fund type it could be found. Select your answer from the following responses: A. Governmental funds only. B. Proprietary funds only. Bond Proceeds Long Term liability for Compensated Absences Deferred Inflows/Outflows of Resources Taxes Receivable Estimated Revenues Operating Revenues
General Fund, Debt Service Fund, General Fund, Capital Projects Fund, Special Revenue Fund, Capital Projects Fund, Enterprise Fund, Pension Trust Fund (Fiduciary), General Fund, Internal Service Fund, Permanent Fund. List the Appropriate Fund List the appropriate fund(s) that will be affected for each of the following transactions for Sienna City. Journal entries are not required. Bonds were issued to finance the construction of a new bridge. Sienna received a grant from the state to assist in financing the construction of a new bridge. Funds were set aside to pay of the principal and interest due on this year’s bonds. Land was received from a donor to be used as a park. It was stipulated by the donor that the land cannot be sold. Proceeds were collected from the sale of lottery tickets. By ordinance, these funds must be used for education and the school system. Construction on the new bridge was completed. The total cost was under budget and the excess funds were set aside to pay…
Which of the following would be considered a general capital asset? Select one: a. Real estate purchased with the assets of a pension trust fund. b. A vehicle purchased from General Fund revenues. c. A vehicle purchased and maintained by an enterprise fund. d. A computer purchased from revenues of an internal service fund and used by the supplies department.