The results of a cost allocation system that allows a health care entity to determine a patient's cost by department.
A year-end journal entry to recognize all of a health care entity's remaining receivables.
An increase in a patient's charges caused by revisions in the billing process utilized by a health care entity.
A reduction in patient service revenues caused by agreements with third-party payors that allows them to pay a health care entity based on their determination of reasonable costs.
The organization should recognize a restricted gain of $21,000.
The organization should recognize a contribution of $21,000 as an increase in unrestricted net assets as well as salary expense of $21,000.
The organization should recognize a reduction in expenses of $21,000.
The organization should make no entry.
Interest that was not collected prior to death is excluded from the estate principal.
Interest earned prior to death is considered part of the estate principal even if received after death.
All interest collected prior to distributing the bonds to a beneficiary is considered part of the estate principal.
Only the first cash payment after death is included in the estate principal.
To gather and preserve all of the decedent's property.
To ensure that each individual produces a valid will.
To discover the decedent's intent for property held at death and then to follow those wishes.
To carry out an orderly and fair settlement of all debts and distributions of property.
January 1, 2012
July 1, 2012
October 1, 2012
December 31, 2012
A testamentary trust conveys money to a charity; an inter vivos trust conveys money to individuals.
A testamentary trust is created by a will; an inter vivos trust is created by a living individual.
A testamentary trust conveys income to one party and the principal to another; an inter vivos trust conveys all monies to the same party.
A testamentary trust ceases after a specified period of time; an inter vivos trust is assumed to be permanent.
Unconditional promises to give.
Statement of Operations
Statement of Cash Flows
Statement of Activities and Changes in Net Assets
Statement of Financial Expense
Statement of Financial Position
Restricted, Permanently Restricted, and Fund Balance.
Unrestricted, Temporarily Restricted, and Permanently Restricted.
Unrestricted, Restricted, and Fund Balance.
Unrestricted, Temporarily Restricted, and Fund Balance.
None of the above.
In the period the promise is received.
In the period the promise is collected.
In the period in which the conditions on which they depend are substantially met.
In the period in which the conditions on which they depend have begun to be met.
Unconditional promises from potential donors are not revenues.
Lower of cost or market, with unrealized losses in the Statement of Activities.
Lower of cost or market, with unrealized losses in Temporarily Restricted Net Assets.
Fair value, with unrealized gains and losses in the Statement of Activities.
Cost, with unrealized gains and losses in the Statement of Activities.
In accordance with a plan developed by the executor of the estate.
In accordance with federal inheritance laws.
In accordance with generally accepted accounting principles.
In accordance with common law.
In accordance with state inheritance laws.
Expenses of administering the estate.
Federal income taxes.
State income taxes.
Medical expenses of the final illness.
Back wages owed to any employees.
An attempt to determine the deceased's intentions when the terms of the will are unclear.
The establishment of how the creditors will be paid.
A reduction of various bequests when the estate is not adequate to satisfy them completely.
Selling of assets included in an estate to be able to pay creditors.
Payment of the claims of creditors.
Gift of personal property that is directly identified.
Cash gift from a particular source.
gift of estate property that remains after carrying out the other provisions of the will.
Gift of real property.
Gift of intangible property.
Measuring property, plant, equipment subsequent to acquisition.
Presenting gains and losses as extraordinary on the face of the income statement.
Recognizing development costs that meet criteria for capitalization as an asset.
Recognizing prior (past) service costs related to pension benefits that have already vested.
Present financial statements that comply with international GAAP.
Conform with U.S. GAAP or present a reconciliation to U.S. GAAP.
Have a demonstrated need for capital to be used for operations in the U.S.
Use the U.S. dollar as their reporting currency.
Use IFRS, or use foreign GAAP and provide a reconciliation to U.S. GAAP.
First-time Adoption of IFRS.
Financial Instruments: Disclosures.