Question

In: Accounting

The AICPA Audit and Accounting Guide Health Care Organizations requires that the following statements be prepared for health care organizations:


The AICPA Audit and Accounting Guide Health Care Organizations requires that the following statements be prepared for health care organizations:

Question 5 options:


Balance sheet, statement of operations, statement of changes in equity, statement of cash flows, statement of functional expenses


Balance sheet, statement of revenues and expenses, statement of changes in equity, statement of cash flows


Balance sheet, statement of operations, statement of changes in equity, statement of cash flows


Balance sheet, statement of activities, statement of changes in equity, statement of cash flows

Solutions

Expert Solution

The AICPA Audit and Accounting Guide Health Care Organizations requires that the following statements be prepared for health care organizations:

1. Balance sheet

2. Statement of operations

3. Statement of changes in equity

4. Statement of cash flows

Hence 3rd option is correct.

ekkarill92 answered 1 year ago
Next > < Previous

Related Solutions

Harris Fell, CPA and member of the AICPA, was engaged to audit the financial statements of...
Harris Fell, CPA and member of the AICPA, was engaged to audit the financial statements of Wilson Corporation. Fell had half-completed the audit when he had a dispute with the management of Wilson Corporation and was discharged. Hal Compton, CPA, was promptly engaged to replace Fell. Wilson Corporation did not compensate Fell for his work to date; therefore, Fell refused to allow Wilson Corporation’s management to examine his working papers. Some of the working papers consisted of adjusting journal entries...
Harris Fell, CPA and member of the AICPA, was engaged to audit the financial statements of...
Harris Fell, CPA and member of the AICPA, was engaged to audit the financial statements of Wilson Corporation. Fell had half-completed the audit when he had a dispute with the management of Wilson Corporation and was discharged. Hal Compton, CPA, was promptly engaged to replace Fell. Wilson Corporation did not compensate Fell for his work to date; therefore, Fell refused to allow Wilson Corporation’s management to examine his working papers. Some of the working papers consisted of adjusting journal entries...
Health care organizations and colleges use modified accrual basis of accounting. (true or false). A balance...
Health care organizations and colleges use modified accrual basis of accounting. (true or false). A balance in the Reserved for Encumbrances in excess of a balance of Encumbrances indicates: a) An excess of vouchers payable over encumbrances b) An excess of purchase orders over invoices received c) An excess of appropriations over encumbrances d) A recording error Which of the following financial statements should be prepared for proprietary funds? a). Statement of revenues, expenditures, and changes in fund balance b)....
Fraud in Financial Statements and Auditor Responsibilities According to the AICPA audit standard on fraud, Consideration...
Fraud in Financial Statements and Auditor Responsibilities According to the AICPA audit standard on fraud, Consideration of Fraud in a Financial Statement Audit (AU-C Section 240), the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management. A strong emphasis should be placed on fraud prevention, which may reduce opportunities for fraud to take place, and fraud deterrence, which could persuade individuals not to commit fraud because of the...
Explain the importance of variation to health care organizations and answer the following questions in the...
Explain the importance of variation to health care organizations and answer the following questions in the space provided below. What might be the key processes for health care organizations? What are the potential common causes of variation that would have an impact on the key processes of health care organizations? What special causes might be more important than the others? How might health care organizations' business environment be dynamic and change over time?
Health care organization compliance with HIPAA is critical.Small health care organizations often struggle with ensuring...
Health care organization compliance with HIPAA is critical. Small health care organizations often struggle with ensuring this, however. There are a number of risk assessment tools for health care organizations. These tools are both proprietary and open source. IT security professionals in these organizations need to be familiar with the range of tools available, their effectiveness, and their cost.Discussion QuestionRead the following case study: Case Study: Information Security Risk Assessment for a Small Healthcare Clinic using the Security Risk Assessment...
How are taxpayers affected by local health care organizations?
How are taxpayers affected by local health care organizations?
Rearrange the following steps in the accounting cycle in proper order: Financial statements are prepared. An...
Rearrange the following steps in the accounting cycle in proper order: Financial statements are prepared. An adjusted trial balance is prepared. Adjustment data are assembled and analyzed. Adjusting entries are journalized. Closing entries are journalized and posted to the ledger. An unadjusted trial balance is prepared. Transactions are posted to the ledger. Transactions are analyzed and recorded in the general journal. An optional end-of-period work sheet is prepared. A post-closing trial balance is prepared.
There are more and more health care organizations operating as private organizations owned by shareholders. Shareholders...
There are more and more health care organizations operating as private organizations owned by shareholders. Shareholders traditionally invest in organizations to maximize their wealth. Other than a clash with the goals of management, what other potential issues in terms of their financial management would you foresee?
The following is an audit working paper prepared by an assistant on the Williams audit:   ...
The following is an audit working paper prepared by an assistant on the Williams audit:    f Column footed. ? Amount agrees to amount recorded as a deposit on the bank statement and description agrees with receipt enclosed with 12/31/0X bank statement. This note is the Wilde note receivable that was recorded as a receipt by the client in the cash receipts journal on 1/3/0X. The receivable was appropriately credited and properly reflected in the January cash receipts journal. No...
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT