ACC 497 Week 5, Learning Team Assignment - Case Study

May 1st, 2015
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ACC 497 Week 5, Learning Team Assignment - Case Study

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Case Study AssignmentACC 497NameDateInstructorCase Study AssignmentAfter reading this paper, the readers should have a better understanding of the differences in charitable contributions and debts as well as the differences between St. Jude Childrens Research Hospital and Universal Health Services. We will discuss about the sources of revenues between organizations including profit, not-for-profit, and governmental hospitals. This paper also includes the answers of all related questions to this topic.The Financial Accounting Standard (FAS) Number 116 adjustment referencing Table 5.3-1 means that the adjustment is made for recognition of interest revenues and for pledge receivables. How contributions are recorded depends on the contribution. For example, there are three categories that contributions would fall under on the statement of activities: unrestricted, temporarily restricted, and permanently restricted. Unrestricted contributions have no strings attached. They lack any restraints from the contributor allowing the funds to be used as needed. Temporarily restricted funds have donor imposed restrictions. In these cases the restrictions will be fulfilled either because of a period of time, such as funds available for one year or for a specific purpose, such as using the funds for new equipment. Permanently restricted funds are similar to temporarily restricted funds because of the time period or purpose but the restrictions will remain permanently.

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