Accounting for governmental and nonprofit organizations

7. Which of the following general journal entries could be made for the with 8. Which of the following is not true regarding expense recognition under the current FASB standards for private sector not for profit health care entities? (a) All expenses are to be reported as without donor restrictions. (b) Expenses should be reported by function. (c) Expenses should be reported on the full acerual basis. (d) None of the above. 9. Which of the following is not true regarding accounting and reporting standards for health care entities? (a) The FASB has responsibility for setting standards for nongovernmental health care entities. (b) All private sector health care entities will follow the standards developed for nonprofit organizations. (c) The GASB has responsibility for setting standards for governmental health care entities. (d) None of the above. 10. Financial statements required by the current FASB standards for private nonprofit health care organizations include: (a) Statement of operations, statement of financial position, statement of changes in fund balances. (b) Statement of operations, statement of financial position, statement of cash flows, statement of ehanges in net assets. (c) Statement of operations, statement of financial position, statement of cash flows, statement of functional expenses. (d) Statement of operations, statement of changes in financial position. statement of eash flows. 11. In a statement of financial position, a nonprofit entity should report amounts for which of the following classes of net assets? (a) I, II, and III only. (b) II, III, and IV only. (c) I and II only. (d) II and III only. 12. The fund types required for health care organizations under the FASB standards include: (a) Without Donor Restrictions and With Donor Restrictions. (b) General, Specific Purpose, Plant Replacement and Expansion, Endowment. (c) General, Special Revenue, Debt Service, Capital Projects. (d) Fund accounting is not required. Net asset classes are used instead. 13. The following expenditures were made by a nongovernmental, nonprofit organization which is a society for the protection of the environment. What amount should be classified as fund raising costs in the society's statement of activities? (a) $0. (b) $28,000. (c) $25,000. (d) $37,000