Question

Under the current FASB standards for nonprofit, private hospitals, depreciation: Select one O a. Is never recorded O b. Must be recorded as a temporarily restricted expense. O c. May be recorded as an unrestricted expense or a temporarily restricted expense, depending upon how the related asset is classified. d, Must be recorded as an unrestricted expense. Which of the following is not true regarding reclassifications used by private hospital accounting? Select one: a. Reclassifications made on the basis of purpose are recorded when the purpose is fulfilled. O b. Reclassifications made on the basis of plant acquisition are made when the plant is acquired. O c. Reclassifications are not permitted unless they are from permanently restricted funds to temporarily restricted funds. O d. Reclassifications made on the basis of time are made when the applicable time period arrives. Securities donated to an ONPO should be recorded at the: Select one: O a. Fair market value at the date of the contribution, or the donor's basis, whichever is higher O b. Donor's basis. O c. Fair market value at the date of the contribution O d. Fair market value at the date of the contribution, or the donor's basis, whichever is lower An ONPO has the following expenditures during the year ending December 31, 20x1 ONPO EXPENDITURES FOR YEAR ENDING DECEMBER 31, 20X1 Printing of annual report $ 15,000 Unsolicited merchandise sent to encourage contributions 40,000 What amount should be classified as fund raising costs in the ONPOs Statement of Activities? Select one: O a. $55,000. Ob.S 0 O c. $40,000 O d. $15,000.

Answer 1

Answer

Option c is correct may be recorded as an unrestricted expenses or a temporary restricted expenses depending upon how the related assets is classified

Answer

Option a is correct reclassification made on the basis of purpose are recorded when the purpose is fulfilled

Answer

option c is correct fair market value at the date of the contribution

Answer

option B is correct