In your own words, explain exempt supplies for VAT purposes and provide three examples of exempt supplies.

Q: What is the purpose of reporting fund balance in five classifications? What is the difference…

A: A fund balance refers to the difference between the assets and liabilities of a government fund. If…

Q: Read and analyze each item. Write the letter of the correct benefit category on the space provided…

A: There are various benefits that are available during employment and post employment. Benefits also…

Q: Describe the basic nature of the three expense recognition methods. Provide two examples of each.

A: Expense recognition is a principle according to which expenses should be recognised in the same…

Q: Which clothing expenses are deductible and which ones are not? Provide reasons for both deductible…

A: The expense which is allowed to reduce from the gross taxable income is called as deductible…

Q: Explain the difference between gross medical services revenue and net medical services revenue

A: Please find the answer to the above question below:

Q: ability fund is a form of 529 plan that is designed to help

A: Able Account: It is possible to make contributions to an Achieving a Better Life Experience (ABLE)…

Q: Identify the three components of triple bottom line reporting, and provide two examples of…

A: The triple bottom line (TBL) aims to evaluate the financial, environmental and the social…

Q: Describe the unique aspects of accounting for health care entities.

A: Accounting:   It refers to recording the financial transaction of an organization and presenting the…

Q: where do all of the nonseparately stated items go on the form 1065?where is the net of all those…

A: Form 1065 is an informational type of return need to be filed by the partnership to the IRS.IRS…

Q: List three typical reasons for abnormal deposit drains?

A: Abnormal deposit means the depositee isn't to return the particular cash saved, however he is to…

Q: Which of the following is budgetary account: a. Budgetary fund balance b. Revenue- fines and fees c.…

A: Budgetary accounts are those accounts that are used to reflect the operations in budget and budget…

Q: what is medicare

A: Insurance is an agreement in which the company provides a guarantee of compensation for specified…

Q: Explain the differences between a collision deductible and a health insurance deductible

A: Collision insurance is usually done for vehicles and covers collision with other vehicle, or…

Q: Three expense recognition methods (associating cause and effect, systematic and rational allocation,…

A: Matching Principle is kept in accordance while recognizing revenue. As per this principle of…

Q: What are the four types of inventories and their differences?

A: Inventories are the goods that are available for sale or inputs through which goods are made are…

Q: Complete the blank as appropriate: Internal Service funds account for activities in which goods or…

A: The government uses a different way to report their financial statements than the private sector…

Q: Identify five differences between reserve and allowance?

A: Identify five differences between reserve and allowance:Allowance for Doubtful Accounts: This is a…

Q: Please describe a special revenue fund you find particularly beneficial.

A: A special revenue fund is a govt account that gathers money for a specific project. Special revenue…

Q: Expense recognition is implemented by one of four different approaches, depending on the nature of…

A:

Q: Give the formula for computing a deduction for group health insuranc

A: Group health insurance policy can be defined as the policy which covers all employees of the…

Q: Select 3 of the following EDI transactions that are processed in the format established by the…

A: HIPAA sets the standardised formats to simplify the electronic exchange of financial and…

Q: What are the four areas in which the federal law mandated changes in the protection of health…

A: Federal law can be defined as a body of law that is designed by the federal government of a country.…

Q: Is it possible for one hospital to have an income and expenditure account whereas another has a…

A: Is it possible for one hospital to have an income and expenditure account whereas another has a…

Q: Medigap insurance is a government medical insuran needy.

A: Private insurance companies sell and administer Medicare supplemental insurance, or Medigap. They…

Q: The following are payment components of the RVU except: A) Malpractice expenses B) Physician's…

A: Note: We’ll answer the first question since the exact one wasn’t specified. Please submit a new…

Q: A voluntary health and welfare entity produces a statement of functional expenses. What is the…

A: Not for profit organizations: The business entities whose motive of business is not to reap economic…

Q: . Identify the relevant control to address each WCGW. Answers should be in not less than three…

A: WCGW is an acronym and stands for what could go wrong, it is the outcome in the negative sense in…

Q: . The following describe deal standards, except

A: We’ll answer the first question since the exact one wasn’t specified. Please submit a new question…

Q: Define Allowance method.

A: Accounts Receivables:   It is the money owed to the company by outside entities for the products or…

Q: A Voluntary Health & Welfare NFP would include which of the following financial statements in its…

A: FASB 117 describes the FINANCIAL STATEMENTS OF NOT-FOR-PROFIT ORGANIZATIONS

Q: Compare and contrast the four kinds of defective contracts.

A: A defective contract is one that lacks legal substance due to its incompleteness or inadequacy. A…

Q: Explain briefly "TBD" or Transportation Benefit District?

A: Transportation Benefit District - TBD. Transportation benefit district was established to provide,…

Q: What are deferred revenues? Give three examples?

A: Definition of Deferred revenue:Deferred revenue is a liability to render service or to deliver…

Q: Which of the following are included in fully taxable supplies for purposes of GST? Cleaning services…

A: GST stands for goods and service tax. GST is defined as the indirect tax applicable to the goods and…

Q: What is the basic purpose of inventories? In what five areas do they provide a buffer?

A: The inventory indicates the current assets of the corporation which is directly related to the…

Q: Would we list Supplies Expense?

A: Accounting equation: Accounting equation is an accounting tool expressed in the form of equation,…

Q: elf-insurance is connected to workers compensation. State what is self -insurance and outline three…

A: Self-insurance is a strategy for trying to mitigate future loss by putting aside a specific amount…

Q: Do allowance for rejects and allowance for wastes and spoilages are the same? Do they accounted as…

A: Spoilage refers to the loss of material which occurs in the process of production. Spoilage can be…

Q: Give one advantage of using a vouchers payable system.

A: Voucher: It is a written document or statement that confirms the happening of certain transactions…