Reference no: EM132744963
Problem 1: A private not-for-profit hospital provided P150,000 in charity care for the current year. The hospital should report this charity care as
a. As an unpaid accounts receivable on the balance sheet.
b. Only in the notes to the financial statements.
c. Net patient service revenue of P150,000 and patient care expense of P150,000.
d. Net patient service revenue of P150,000 on the statement of operations.
Problem 2: Which of the following statements is incorrect regarding the accounting for unreleased checks by a government entity?
a. The accounting procedures for unreleased checks prescribed under the GAM for NGAs apply only to commercial checks.
b. Unreleased checks are reverted back to cash.
c. Unreleased checks are perforated.
d. At the start of the year, a reversing entry is made for the unreleased checks in the previous year.
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What the hospital should report the charity care as
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