Revenue for not-for-profit hospital

timer Asked: Jul 14th, 2013

Question Description

I don’t understand this question and need help to study.

1. A private sector, not-for-profit hospital received a
pledge of $100,000 in 2011, with no purpose restriction. The pledge card
indicated that the funds were to be used in 2012. Cash was turned over to the
hospital in 2012. The not-for-profit hospital would recognize contribution
revenue: (Points : 1)

in 2011.
in 2012.
when the funds are
in either 2011 or 2012, depending on the policy
of the hospital.

2. Health care organizations that are investor owned
for-profit organizations follow F.A.S.B. standards excluding those written
specifically for not-for-profits. (Points : 1)

3. Under N.A.C.U.B.O. guidelines, tuition waivers
associated with athletic or academic scholarships should be reported as: (Points
: 1)
      reductions in
None of the above.

4. For hospitals, contractual adjustments to 3rd party
payers, such as insurance companies, are recorded with a debit to Contractual
Adjustment expense and a credit to accounts receivable. (Points : 1)

5. Private colleges and universities are required to report
net assets within the categories of unrestricted, temporarily restricted and
permanently restricted. (Points : 1)

6. A skilled carpenter repaired the roof for a private
not-for-profit free of charge. The not-for-profit would have had to pay $2,000
for this service if not donated. What entry should the not-for-profit make?
(Points : 1)
No entries are required for this
Improvements $2,000
Building $2,000
Service expense $2,000

7. The financial statements of private not-for-profits are
intended primarily for use by present and potential donors. (Points : 1)

8. According to the National Association of College and
Business Officers, scholarship discounts and allowances paid by institutional
funds: (Points : 1)
are included in tuition revenue and recorded as
an expense.
are not included in tuition revenue but are
included as an "other source".
are reported as a reduction of revenue by
directly reducing the revenue account or a contra- revenue
are reported as an adjustment to tuition revenue
in the government-wide statements.

9. Not-for-profit health care entities are distinguished
from voluntary health and welfare organizations in the following manner: (Points
: 1)
Health care organizations provide health care
services, while voluntary health and welfare organizations do
Health care organizations use accrual accounting,
whereas voluntary health and welfare organizations do
Health care organizations are considered to be
primarily business-oriented, whereas voluntary health and welfare organizations
raise a significant portion of their money from voluntary
Health care organizations do not provide services
to individuals who are unable to pay.

10. A Statement of Functional Expenses, which is required
for voluntary health and welfare organizations, presents a matrix of expenses
classified by function and by object or natural classification. (Points : 1)

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