Answered: Why is a statement of functional…

Business

Accounting

Why is a statement of functional expenses required of a voluntary health and welfare entity?

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter19: Accounting For Post Retirement Benefits

Section: Chapter Questions

Problem 21GI

See similar textbooks

Related questions

Q: What is the GASB standard for reporting expenditures from governmental funds for employee pension…

A: GASB stands for Government Accounting Standards Board, which is a non-governmental body that holds…

Q: Under what conditions does a not-for-profit entity record donated services?

A: For a not for entity, donated services are a good part of revenue for not for profit entities.…

Q: Explain the following terms. Include the definition, how they are calculated, treated in the…

A: Disclaimer: “Since you have posted a question with multiple sub-parts, we will solve first three…

Q: are the key accounting issues in determining the

A: Pension Accounting Many organisations provide additional benefits to their employees in addition to…

Q: What are the essential differences between social insurance and public assistance programs? Why is…

A: Social insurance program: It is a government sponsored program. They are generally funded through…

Q: ____________________entities would consider portions of the AICPA Audit and Accounting Guide: Health…

A: The Answer :

Q: What are the Key differences between Private Not-For-Profit and Government Health Care Providers?

A: Business Organization: Business organization refers to the type of composition based on which a…

Q: The child and dependent care provisions?

A: Definition: Tax credit: Tax credit refers to the money which tax payers can subtract from the taxes…

Q: When it comes to postretirement healthcare benefits, what are the primary distinctions between them…

A: The answer:

Q: How does a voluntary health and welfare organization account for donated goods and cash contributed…

A: Not-for profit organisation is an organisation which have separate legal entity from its members and…

Q: If we "measure what matters" in a not-for-profit, what activities could they be measuring that are…

A: Not-for-profit organizations run for a specific social objective. These kinds of organizations don’t…

Q: 45. Which one of the following is not a required fi- nancial statement for a private voluntary…

A: The voluntary health and welfare association is one having following features- -Involving into…

Q: A donor gives a gift to a charity that must be conveyed to a separate beneficiary. What is the…

Q: Define charitable contributions

A: A charitable contribution is a gift given to a non-profit firm of money, products, or assistance to…

Q: How are Specific donations treated while preparing final accounts of a ‘Not-For-Profit…

A: A 'Not-for-Profit Organisation' or NPO are certain organizations that are set up for providing…

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: A client interested in protecting a loved one's elegibility for government benefits, but also…

A: Compensation plan is a plan which helps in providing the benefits and increases the employees…

Q: The following questions concern the appropriate accounting for a private not-for-profit health care…

A: a. Define third party payor and its importance in the development in the accounting principles of…

Q: Concerning a non-profit homeless shelter, what would be considered as a relevant range of output?

A: Relevant range refers to the specific activity level that is bounded by the minimum and maximum…

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: Discuss how characteristics of not-for-profit organizations differ from for-profit organizations

A: Not for profit organisations are formed to render services to the society. Thee main purpose of…

Q: An application for an individual Disability Income policy may require all of he following…

A: Disability income policy is an insurance policy which protects the insured against loss of monthly…

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: A nonprofit hospitals revenues and expenses are reported on its statement of activities TRUE or…

A: Non-profit organisation , here in the question hospitals , are the organisation which are not driven…

Q: A donor gives a gift to a charity that is to be conveyed to a separate beneficiary. What is the…

Q: Identify some difference between private organization and nonprofit organization?

A: Whether an organization is public or private, is determined by its ownership, if it is publicly…

Q: When are liabilities recognized for the federal Social Security program? Select one: a. When…

A: The Social Security program provides protection against the loss of earnings due to retirement,…

Q: 45. Which one of the following is not a required fi- nancial statement for a private voluntary…

A: GAAP defines a voluntary health and welfare organization as an NFP that is primarily funded by…

Q: Which of the following cause a decrease in the funded status of a defined benefit plan? (Select all…

A: Plan obligation are the amount that is required to pay to employees as a benefit

Q: What are the fundamental distinctions between social security and public assistance? Why is Medicare…

A: Program of social insurance: It is a government-sponsored initiative. Payroll taxes often support…

Q: Which of the following statements is true regarding postretirement health care benefit obligations…

A: Post retirement health care benefits are the benefits provided by employer to his employees on…

Q: What is the difference between For-profit organizations and Not-for-profit organizations?

A: Not for profit organization: An organization in which no owner, stockholder, or trustee shares in…

Q: What is the charitable contributions?

A: Introduction: Federal tax: Federal tax can be defined as the tax calculated on the taxable income of…

Q: How does a voluntary health and welfare organization account for donated goods and cash contributed…

A: Not for Profit Organization is a form of business in which the motive is not to earn profits but…

Q: Social Security System (SSS) contributions are required from the individuals who are employed in the…

A: Social Security System(SSS) provides death, funeral, maternity leave, permanent disability,…

Q: Identify the differences between pensions and postretirement healthcare benefits.

A: Both pension funds and post retirement healthcare benefits accrue to an employee after his/her…

Question

Why is a statement of functional expenses required of a voluntary health and welfare entity?

Expert Solution

Step 1

Expenses: Expenses are costs incurred for the operations of a business. The costs incurred for generating revenues are rent expense, depreciation expense, general and administrative expenses, selling expenses, and utility expense.

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Why is the statement of functional expenses required for voluntary health and welfare organizations?
which of the following is operational income : other revenues, investment income , patient service revenue charitable contribution, premium revenues
What is a third-party payor, and how does the presence of such payors affect the financial accounting of a health care entity?
What is a contractual adjustment? How does a health care organization account for a contractual adjustment?
Which of the following items is required by the Life Insurance and Annuity Replacement Rule? A. A Notice Regarding Replacement of Life Insurance or Annuity B.A Notice Regarding Insurance Producer Compensation Schedule C.A Statement of Ethical Practices D. A Comparative Information form
When it comes to postretirement healthcare benefits, what are the primary distinctions between them and pension benefits?
Identify and describe the personal risk that is mitigated by the purchase of disability income insurance;
How does charity care affect the patient service revenue reported by hospitals, and what measure of charity care are hospitals required to disclose in the notes to their financial statements?
What are the essential differences between social insurance and public assistance programs? Why is Medicare a social insurance program, whereas Medicaid is a public assistance program? Why is the earned-income tax credit considered to be a public assistance program?
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
Community benefits serve as justification for a non-profit healthcare organization's tax-exempt status. True or False
Whenwhen are final medical expenses deductible?