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Questions and Answers
Budgets are used to summarize past financial activities
Budgets are used to summarize past financial activities
False
Fund accounting is used to manage resources for the purpose of making a profit
Fund accounting is used to manage resources for the purpose of making a profit
False
A fund is defined as a fiscal and accounting entity with a non-self-balancing set of accounts
A fund is defined as a fiscal and accounting entity with a non-self-balancing set of accounts
False
Fund accounting is used to organize and manage resources in accordance with regulations imposed by internal parties
Fund accounting is used to organize and manage resources in accordance with regulations imposed by internal parties
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A clear distinction is maintained between funds that are internally restricted and those that are externally designated by the governing board
A clear distinction is maintained between funds that are internally restricted and those that are externally designated by the governing board
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Fund accounting is used to organize and manage resources for a single purpose
Fund accounting is used to organize and manage resources for a single purpose
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Privately organized not-for-profit organizations do not possess characteristics of governmental units.
Privately organized not-for-profit organizations do not possess characteristics of governmental units.
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Hospitals are always closed to the general public.
Hospitals are always closed to the general public.
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All not-for-profit organizations provide a statement of financial position and a statement of revenues and expenses.
All not-for-profit organizations provide a statement of financial position and a statement of revenues and expenses.
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Privately organized service organizations are all similar in size, nature, and diversity of operations.
Privately organized service organizations are all similar in size, nature, and diversity of operations.
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Contributions are not an important part of the financing program for privately organized service organizations.
Contributions are not an important part of the financing program for privately organized service organizations.
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Privately organized service organizations do not require books and records to summarize financial transactions.
Privately organized service organizations do not require books and records to summarize financial transactions.
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