Podcast
Questions and Answers
What is the main focus of Government Accounting?
What is the main focus of Government Accounting?
Which of the following does a Health Care Organization primarily deliver?
Which of the following does a Health Care Organization primarily deliver?
What are the components of a complete set of financial statements for NPOs?
What are the components of a complete set of financial statements for NPOs?
What does 'Net patient revenue' represent in a Health Care Organization's financial statements?
What does 'Net patient revenue' represent in a Health Care Organization's financial statements?
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Where should the presentation of contributions be in the financial statements of NPOs?
Where should the presentation of contributions be in the financial statements of NPOs?
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What is the difference between the hospital's fair price for a service and the agreed-upon amount with the insurance company called?
What is the difference between the hospital's fair price for a service and the agreed-upon amount with the insurance company called?
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How are employee discounts accounted for in the hospital's financial records?
How are employee discounts accounted for in the hospital's financial records?
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What type of agreement is based on the number of employees instead of services rendered?
What type of agreement is based on the number of employees instead of services rendered?
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Where are revenues from capitation agreements required to be shown on the statement of operations?
Where are revenues from capitation agreements required to be shown on the statement of operations?
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How is charity care recognized in the hospital's financial records?
How is charity care recognized in the hospital's financial records?
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Study Notes
Government Accounting
- Focuses on the accountability and transparency of government entities in their financial reporting and management
Health Care Organization
- Primarily delivers medical services to patients
Financial Statements for NPOs
- A complete set of financial statements for Non-Profit Organizations (NPOs) consists of:
- Balance sheet
- Statement of operations
- Statement of cash flows
- Statement of changes in net assets
Net Patient Revenue
- Represents the revenue generated from patient services, net of contractual allowances and discounts
Presentation of Contributions in NPOs' Financial Statements
- Contributions should be presented as a separate line item on the statement of operations or in a separate statement of changes in net assets
Hospital's Fair Price and Agreed-Upon Amount with Insurance Company
- The difference between the hospital's fair price for a service and the agreed-upon amount with the insurance company is called a contractual allowance
Employee Discounts in Hospital's Financial Records
- Employee discounts are accounted for as a reduction in revenue, rather than as an expense
Capitation Agreements
- A type of agreement based on the number of employees (or covered lives) rather than services rendered
Revenue from Capitation Agreements
- Required to be shown on the statement of operations as a separate revenue category
Charity Care in Hospital's Financial Records
- Recognized as a reduction in revenue, rather than as an expense, in the hospital's financial records
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Description
Test your knowledge of accounting procedures peculiar to specific types of non-profit health care organizations, including hospitals, clinics, medical group practices, emergency care facilities, and more.
