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(Multiple Choice)1. What are the components of the net position section of a governmental hospital balance sheet?a. Unrestricted; temporarily restricted permanently restrictedb. Assets limited as to use assets unlimited as to usec. Net investment in capital assets restricted unrestrictedd. Restricted; unrestricted2. A county hospital receives grants from higher level governments that must be used to construct and equip a special trauma unit. How should the hospital report the grants in its financial statements?a. As nonoperating revenuesb. After nonoperating revenues ( expenses) to arrive at total change in net positionc. As a direct addition to net investment in capital assetsd. As an item of extraordinary or special revenue3. A county hospital receives $ 1 million from the county, General Fund to help cover the hospital, annual operating deficit. How should the hospital report that receipt of cash?a. As operating revenuesb. As nonoperating revenuesc. After nonoperating revenues ( expenses) to arrive at total change in net positiond. As a direct addition to unrestricted net position4. A county hospital receives a grant of $ 250,000 from the State Health Department, which specifies that the grant may be used for any purpose the trustees wish, provided it is used at the rate of $ 50,000 a year for the next 5 years, starting the following year. How should the hospital report the gift in its financial statements in the year the cash is received?a. As an advanceb. As revenue in the amount of $ 250,000c. As revenue in the amount of $ 250,000, discounted at the government, borrowing rate over the 5 year periodd. As a direct addition to unrestricted net position5. How is interest on long- term bonds issued by a county hospital generally reported?a. As operating expensesb. As nonoperating expensesc. As a separate item after nonoperating revenues ( expenses) to arrive at total change in net positiond. As a direct reduction of beginning net position
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