Great Deal! Get Instant $10 FREE in Account on First Order + 10% Cashback on Every Order Order Now

Government and Not for profit Accounting – Chapter 12,13,14,16 My Book Details are: To answer these questions, Book Link is below: https://reader.yuzu.com/#/ Login – XXXXXXXXXX XXXXXXXXXXPassword :...

1 answer below »
Government and Not for profit Accounting – Chapter 12,13,14,16
My Book Details are:
To answer these questions, Book Link is below:
https:
eader.yuzu.com/#
Login – XXXXXXXXXX XXXXXXXXXXPassword : Newyork2018
These questions should be based on Government and Not for profit Accounting that’s my subject name.
This assignment is self-study guide doesn’t require any reference . Answers should be short and on the point not essay type lengthy
1. Performance audits
2. Single Audit Act
3. Private NFP Hospitals: Patient service revenue, charity care, contractual allowances to third-party payers, capitation revenue, bad debts, employee discounts for medical services received; what is included in patient service revenue
4. Net assets released from restrictions – how does this compare to governmental reporting
5. Required financial statements: Private NPF, Private NFP VHWO, Private NFP hospitals, Private NFP universities; Also, what is required to be shown on the balance sheets
6. VHWO: determine restricted and unrestricted contribution revenues (including pledge revenue)
7. Standard setter for private NFP entities
8. Public University (GASB): Determine net tuition and fee revenue
9. Public University (GASB) revenue recognition – reimbursement grants
10. Private NFP University: how is auxiliary enterprise revenue reported
11. Private NFP University – how are revenues reported (tuition and contributions)
12. How do private NFP universities record scholarships
13. AICPA’s 1973 Audit of Colleges and Universities guidance on fund structure
14. Journal entries - know the JE in chapters 12 and 13 – know the student practice and instructor na
ated exercises and problems as well as the chapter examples
15. Private NFP entities - Basis for reporting net assets in three categories
16. Private NFP entities – Allocation of fund raising costs – why is this necessary
17. Private NFP entities - Conditional promises to give
18. Private NFP entities – Recording unconditional pledges
19. Private NFP entities – Revenue recognition
20. Private NFP entities – How are expenses reported
21. Private NFP entities – Recording depreciation, including when equipment is acquired with a gift restricted for the equipment purchase
22. Private NFP entities – Contributed services
For any confusion please email XXXXXXXXXX or call XXXXXXXXXX
Answered Same Day Aug 01, 2020

Solution

Prasenjit answered on Aug 04 2020
152 Votes
Government and Not for profit Accounting – Chapter 12,13,14,16
My Book Details are:
To answer these questions, Book Link is below:
https:
eader.yuzu.com/#
Login – [email protected] Password : Newyork2018
These questions should be based on Government and Not for profit Accounting that’s my subject name.
This assignment is self-study guide doesn’t require any reference . Answers should be short and on the point not essay type lengthy
1. Performance audits
Performance audits refers to assessment of performance with a focus on organizational accomplishments over a period of time. It is mostly associated with governments and not for profit organization mainly because the performance of these organizations would not be justified based on financial parameters only since they are socially based institutions. Performance audits considers various other non-financial parameters also with regard to the objectives of the organization. These audits are mainly ca
ied out by internal auditors (the auditors might independent, however, in a larger context are related to the firm).
2. Single Audit Act
Single Audit Act refers to the standardization of Audit practices across various grant recipients of the federal agencies. The primary focus for this was to prepare a single audit report by the CPAs and other independent auditors which is to be refe
ed by the funding federal agencies, reducing cost, time and effort. Previously, the process for auditing these grant agencies involved tremendous effort and time as different funding agencies had to refer the common books individually at their own expense. The approach had various loopholes like unnecessary costs and inefficiency. The Single Audit Act 1984 paved way for incorporation of the practice of Single Audit in these agencies with a view to cu
costs and efficient auditing reports. It was again amended in 1996. The objectives of the Single Audit Act are:
· The financial statements of the firms can be relied on.
· The firms adhere to the common set of federal laws and regulations that apply to all the recipients of federal aid
· The entity satisfies the laws, regulations and provisions that apply to each specific federal award.
3. Private Not-For-Profit Hospitals:
· Patient service revenue: The revenue which is generated by a healthcare center in this case Private NFP Hospitals for treating patients. It is recorded in accrual basis at the healthcare center’s established rates.
· charity care: Charity care refers to the state funded program which allows insured and underinsured people to receive healthcare services at a reduced rate. These services are given to people with certain income criteria. The AICPA audit guide stresses that gross revenue of a of a healthcare center should exclude charity care. However, the policies of charity care should be disclosed elsewhere.
· contractual allowances to third-party payers: The difference between established rates for services and agreed amounts to under agreements with third parties is known as contractual allowances. It is documented in the same period when the services are provided.
· capitation revenue: Capitation revenue is the fees received from an insurance company or other third parties to provide services which are covered, to a specific population during a particular period of time. It is the payment paid to the healthcare service providers viz. physicians or nurse practitioners i
espective of the visit of the enrolled person to the healthcare center for the service.
· bad debts: In accounting terms bad debts are those which cannot be recovered. The risk of bad debts in Private not-for-profit hospitals may arise with many patients who purchase insurance plans with high deductibles may face risk of bad debts. Moreover, bad debts should be deducted from revenues rather than showing it as an expense.
· employee discounts for medical services received: Employee discounts are provided to the employees or any dependent members of the employee where they do not have to pay full amount. This is recorded in the same period when it is availed by the employee. Further, it is recognized while calculating the gross patient service revenue.
· what is included in patient service revenue: Patient service revenue is derived from Medicare, Medicaid, Private Insurers (For profit and Not-for Profit) and health plans.
4. Net assets released from restrictions – how does this compare to governmental...
SOLUTION.PDF

Answer To This Question Is Available To Download

Related Questions & Answers

More Questions »

Submit New Assignment

Copy and Paste Your Assignment Here