61. Which of the following types of health care or-ganizations follow FASB statements?Investor-OwnedPrivateGovernmentalHealth CareNot-for-ProfitOrganizations OrganizationsYesHealthEnterprisesYesNoYesa.b.YesNoYesNoс.Yesd.YesNoYes

FASB stands for financial accounting standard borard. it is a US based brad that regulated and…

Answered: 61. Which of the following types of…

Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)

7th Edition

ISBN:9780357033609

Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Chapter9: Insuring Your Health

Section: Chapter Questions

Problem 2LO

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2. ACCOUNTING FOR HEALTH CARE PROVIDERS/HOSPITALS • What Unique Issues do Health Care Providers Face? • What are the Key Differences Between Private Not-For-Profit and Government Health Care Providers? • What Are the Basic Financial Statements? • What are the Key Revenues and Expenses? • How are the key revenues and expenses recognized?
61. Which of the following types of health care or- ganizations follow FASB statements? TIT Investor-Owned Health Care Private Governmental Нealth Enterprises Yes Not-for-Profit Organizations Organizations Yes No Yes a. b. Yes Yes с. No No Yes d. Yes No Yes 62. Which of the following types of health care or- ganizations recognize depreciation expense? Investor-Owned Health Care Governmental Health Care Not-for-Profit Organizations Yes Enterprises Yes Yes No Organizations No Yes Yes а. No No с. d. Yes Yes Yes 63. In accruing patient charges for the current month, which one of the following accounts should a hospi- tal credit? a. Accounts Payable b. Patient Service Revenues c. Unearned Revenue d. Deferred Revenue 64. According to the AICPA Audit Guide, hospitals should prepare which of the following financial statements? Statement of Changes In Net Assets Yes Statement of Operations No а. b. Yes Yes Yes No No с. d. No
Please describe factors that influence the financial viability of a healthcare organization and discuss the major aspects of Medicare benefits? and how do legal and regulatory issues shape and define the good financial management of an HCO?
The following questions concern the appropriate accounting for a private not-for-profit health care entity. Write complete answers for each question. What is a third-party payor, and how have third-party payors affected the development of accounting principles for health care entities? What is a contractual adjustment, and how does a health care entity record this figure? How does a not-for-profit health care entity account for donated materials and services? How does a not-for-profit health care entity account for donated materials and services?
which of the following is operational income : other revenues, investment income , patient service revenue charitable contribution, premium revenues
45. Which one of the following is not a required fi- nancial statement for a private voluntary health and welfare organization? a. Statement of Financial Position b. Statement of Activities and Changes in Net Assets c. Statement of Fund Balance d. Statement of Cash Flows e. Statement of Functional Expense
----------------entities would consider portions of the AICPA Audit and Accounting Guide: Health Care Entities category b authoritative guidance?
A Voluntary Health & Welfare NFP would include which of the following financial statements in its basic financial statements? Statement of financial position and statement of activities Statement of financial position, statement of activities, and statement of cash flows Statement of financial position, statement of activities, statement of cash flows, and statement of functional expenses Statement of financial position, statement of activities, and statement of functional expenses Choose one
What financial statements would an NFP hospital present?
The practice of for-profit hospitals transferring charity patients to not-for-profit hospitals is known as? A. Dumping B. Cost plus accounting C. Diagnosis related groups D. Cost shifting
Describe the unique aspects of accounting for health care entities.
What type of private insurance increases the subscriber’s choice of provider and improves access to services financially or through an increased approved network of providers? A. Exclusive B. Substitutive C. Supplementary D. Complementary

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