Answer the following questions about methods of accounting. On the accrual basis of accounting, revenues and support
Question:
Answer the following questions about methods of accounting.
On the accrual basis of accounting, revenues and support are recognized when an organization ________ an amount that it is likely to collect, and it recognizes expenses when it ________ a resource.
2. Accrual-based expenses associated with capital assets are called ________.
3. Capital projects are evaluated on the ________ basis of accounting.
4. Loan repayments are resource outflows on the ________ basis of accounting, but not on the ________ basis of accounting.
5. Borrowed amounts are resource inflows on the ________ basis of accounting, but not on the ________ basis of accounting.
Monroe Outpatient Surgery Center (MOSC) is developing an operating budget for the month ending June 30, 2018. The Center expects to perform 80 surgical procedures during the month. MOSC’s average charge (price) per job seekers. Finn collects the cars from area junkyards. The first year Finn is in operation, jobs programs bought cars from the organization for $60,000.
Step by Step Answer:
Financial Management for Public, Health and Not-for-Profit Organizations
ISBN: 978-1506326849
5th edition
Authors: Steven A. Finkler, Daniel L. Smith, Thad D. Calabrese, Robert M. Purtell