In a statement of cash flows of a not-for-profit healthcare entity, what are the statement’s main sections?
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- Discuss the key differences between cash and accrual accounting? Explain why most health entities use accrual accountingWhich of the following accounts are used as income statement-like accounts in investment trust funds, private purpose trust funds, and custodial funds? Assets and liabilities Revenues and expenses Additions and deductions Transfers in and out None of theseIdentify how life insurance fund appears in the financial statements? a. The debit side of the revenue account b. The credit side of the revenue account c. The liability side of the balance sheet d. The asset side of the balance sheet
- Which of the following types of information would be included in total net assets in the statement of financial position for a not-for-profit organization?a. total current assets.b. long-term liabilities.c. types of individual funds the entity has.d. unrestricted net assets, temporarily restricted net assets, and permanently restricted net assets.What stakeholders are most interested in the financial condition of a health care business? Why is this important? What have generally accepted accounting principles (GAAP)? What is the purpose of GAAP? Explain the difference between cash accounting and accrual accounting? Why is this important?It is important to understand the difference between custodial and trust funds. How many financial statements have been produced for each of the organizations mentioned above?
- Explain the following terms. Include the definition, how they are calculated, treated in the accounting records (general ledger) and shown in the financial statements. Defined Benefit Obligation Plan Assets Pension Asset/Liability Pension Expense Other Comprehensive Income (OCI) gain/lossExplain the following terms. Include the definition, how they are calculated, treated in the accounting records (general ledger) and shown in the financial statements. Pension Expense Other Comprehensive Income (OCI) gain/lossHow should a nongovernmental, not-for-profit organization report contributions without donor‘s restriction in its statement of cash flows A.) Operating activity inflow. B.) Investing activity inflow. C.) Financing activity inflow. D.) As a noncash transaction.
- Explain the distinction/s between custodial funds and trust funds. What financial statements prepared for each?Describe the disclosure requirements for an Enterprise Fund. Explain how disclosure assists users of financial statements .By selecting one among the Balance Sheet, Income Statement, Cost of Sales Table, Fund Flow Statement and Cash Flow Statement; Briefly describe the definition, scope, purpose of arrangement and importance for financial statement users.