Question : 73.Which of the following not true regarding accounting and financial : 1255363

Accounting

73.Which of the following is not true regarding accounting and financial reporting for private not-for-profit hospitals?

A)Expenses may be unrestricted or temporarily restricted depending on donor intent.

B)Fund accounting is not required.

C)The Statement of Cash Flows may use either the direct or indirect method.

D)Net assets are classified as Unrestricted, Temporarily Restricted or Permanently Restricted.

74.Which of the following is true regarding revenue recognition for health care organizations?

A)Patient service revenues are reported net of contractual adjustments.

B)Revenues do not include charity care.

C)Revenues may include fees for parking, cafeteria sales, and gift shops.

D)All of the above are true.

75.Which of the following is a required statement for a governmental hospital?

A)Statement of Changes in Fund Balance.

B)Statement of Revenues and Expenditures.

C)Statement of Functional Expense.

D)Statement of Cash Flows.

76.A hospital reported the following uncollectible amounts:

$ 10,000 for services rendered to homeless individuals with no intention of collection.

$ 30,000 for services rendered with the expectation of collection, but which proved to be uncollectible.

What amount should be reported in revenues and bad debt expense for these items?

A)Revenues: $ 40,000; Bad Debt Expense: 40,000.

B)Revenues: $ 40,000; Bad Debt Expense: 30,000.

C)Revenues: $ 30,000; Bad Debt Expense: 30,000.

D)Revenues: $ 0; Bad Debt Expense: 0.

77.The difference between accounting for private not-for-profit hospitals and government- owned hospitals is:

A)Government owned hospitals do not have to prepare a Statement of Cash Flows.

B)Government owned hospitals do not have to record depreciation.

C)The equity accounts have different titles and definitions.

D)All of the above.

78.The difference between the financial statements of private not-for-profit hospitals and private not-for-profit voluntary health and welfare organizations is:

A)Hospitals do not have to prepare a Statement of Functional Expense.

B)Voluntary health and welfare organizations do not have to prepare a Statement of Cash Flows.

C)Both (a) and (b) above.

D)Neither (a) nor (b) above.

79.Private health care organizations follow _____ standards while governmentally owned health care organizations follow _____ standards.

A) GASB; FASB.

B) FASB; GASB.

C) FASB; FASAB.

D) GASB; FASAB.

80.A private not-for-profit entity estimated its Allowance for Contractual Adjustment. During the next year, the hospital found that the actual total of contractual adjustments applied to receivables on hand at the end of the previous year was $ 5,000 higher than the estimate. How should the difference be reported?

A)The hospital should reduce current period net patient service revenues for the $5,000.

B) The hospital should make a prior period adjustment to retained earnings for $5,000.

C)The hospital should record a current period expense for the $5,000.

D)The hospital should record a “cumulative effect of a change in accounting principle” for the $5,000.

81.Private not-for-profit health care organizations include what categories in the equity section of the Statement of Net Assets?

A) Unrestricted, temporarily restricted, and permanently restricted.

B) Paid in capital and retained earnings.

C) Invested in capital net of related debt, restricted, and unrestricted.

D) Operating, investing, financing.

82.According to the AICPA Audit and Accounting Guide: Health Care Organizations, which of the following items should not be included in the determination of the performance indicator?

A) Receipt of temporarily or permanently restricted contributions.

B) Items requiring separate display (such as extraordinary items, discontinued operations, and the effect of changes in accounting principle).

C)Both (a) and (b) above.

D)Neither (a) nor (b) above.

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July 1, 2023

9.1 The United States in the International Economy

1) Following the tariff imposed on Chinese tires, some businesspeople correctly argued that the U.S. tariff would result in

A) China retaliating by raising tariffs on some U.S. exports.

B) China halting the sale of all products in the United States.

C) U.S. firms never being able to meet the demand for U.S.-produced tires.

D) the government demanding price cuts from U.S. tire manufacturers.

2) Workers in industries protected by tariffs and quotas are likely to support these trade restrictions because

A) they do not want to offend their employers who want them.

B) politicians lobby to convince workers the restrictions will make them better off.

C) they believe the restrictions will protect their jobs.

D) they don't understand that the restrictions will threaten their jobs.

3) The intention of the U.S. tariff on Chinese tires was to

A) protect jobs in the U. S. tire industry.

B) protect infant industries in tire U.S. tire market.

C) insure that Chinese tires meet U.S. quality and safety standards.

D) save the government money by restricting the sale of more expensive Chinese-made tires.

4) In the 1930s, the United States charged an average tariff rate ________. Today, the rate is ________.

A) of 100 percent; 20 percent

B) above 50 percent; less than 1.5 percent

C) of less than 10 percent; over 40 percent

D) of 17 percent; 33 percent

5) A tariff is a tax imposed by a government on

A) exports.

B) services.

C) imports.

D) luxury items.

6) Goods and services bought domestically but produced in other countries are referred to as

A) exports.

B) imports.

C) transfer payments.

D) foreign consumption.

7) Exports are domestically produced goods and services

A) sold to other countries.

B) sold to the government.

C) sold at home.

D) which are used to produce other goods and services.

8) When Roxanne, a U.S. citizen, purchases a designer dress from Barneys of New York that was made in Milan, the purchase is

A) both a U.S. and an Italian import.

B) a U.S. import and an Italian export.

C) a U.S. export and an Italian import.

D) neither an export nor an import for either country.

9) When BMW, a German company, purchases a welding machine that was made in Toronto, the purchase is

A) both a German and a Canadian import.

B) a German import and a Canadian export.

C) a German export and a Canadian import.

D) neither an export nor an import for either country.

10) Which of the following statements about the importance of trade to the U.S. economy is true?

A) Since 1950, both exports and imports have steadily decreased as a fraction of U.S. gross domestic product.

B) Overall, about 80 percent of U.S. manufacturing jobs depend directly or indirectly on exports.

C) The United States is the second largest exporter in the world.

D) The U.S. economy is highly dependent on international trade for growth in its gross domestic product.