Non-Profit Govt Financial Statements Review Flashcards

1
Q

What are the statements used by non-for-profit Hospitals?

A

Statement of Financial Position
Statement of Operations
Statement of Change in Net Assets
Statement of Cash Flows

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2
Q

What are the three basic financial statements in nonprofit accounting where accrual accounting is used?

A

Statement of Financial Position
Statement of activities
Statement of cash Flows

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3
Q

What two statements are presented in Government-wide Financial Statements?

A
  1. Statement of Net Position (or assets)

2. Statement of Activities

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4
Q

In governmental accounting, what is the accounting formula in the Statement of Position?

A

Assets + Deferred Outflows of Resources - Liabilities - Deferred Inflows of Resources = Net Position

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5
Q

Which statements are issued for Proprietary Funds?

A
  1. Statement of Net Position
  2. Statement of revenues, expenses, and changes in fund net position
  3. Statement of Cash Flows
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6
Q

With GASB, What are the FOUR sections of of the Proprietary Funds Statement of Cash Flows? And is in each section?

A
  1. Operating Activities
  2. Investing
  3. Non-Capital Financing
  4. Capital and Related Financing
  5. Reconciliation of operating income using the indirect method

Operating
-Direct Method is Required (No Interest or Dividends Rec’d; Similar to IFRS)
Investing
-Include Interest and Dividends Rec’d; Similar to IFRS
Non-Capital Financing
-Includes interest expense on nonsecured loans
-Transfers, grants, subsidies, and property taxes rec’d
Capital and Related Financing
-Includes interest expense on secured loans
-Includes financed purchased and sales of capital assets

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7
Q

What are the two statements issued with Fiduciary Funds?

A
  1. Statement of Fiduciary Net Position

2. Statement of Changes in Fiduciary Net Position

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