1. Smith hospital is in Springfield, VA, and is a non-governmental, non-profit. Acme must follow FASB standards? True or False?
2. Healthy life, a health care organization and non-profit, provides $1,000,000 in charity care. City Hospital would not separately list the charity care amounts anywhere in the footnotes or financial statements– T/F.
3.Cooper Hospital receives skilled law support (from an attorney) worth $10,000. City Hospital would not record the amount in the financial statements – T/F.
4. In 2020, Cooper Hospital must have three categories of Net Assets, including permanently restricted – T o F.
Answer 1.
The statement is true. FASB standards must be followed.
Answer 3.
The statement is False. It should be recorded.
Answer 4.
The statement is False. It is not like it must have; the categories will depend upon the transactions of the hospital.
Note: I was Not sure with the answer of no.2;
1. Smith hospital is in Springfield, VA, and is a non-governmental, non-profit. Acme must follow FASB...
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