Explain the basis of accounting


Fill in the blanks-general terminology:

1. The FASB publishes its Accounting Standards Codification (ASC) as the source of accounting and reporting guidance for _______ hospitals.

2. FASB standards _______ (always, sometimes, never) apply to governmental hospitals.

3. Board-designated resources in a not-for-profit hospital are classified as _______ (unrestricted, temporarily restricted, permanently restricted) net assets.

4. Endowment Funds, Plant Replacement and Expansion Funds, and Specific Purpose Funds are internal accounting funds used for _______ (restricted, unrestricted) resources.

5. The daily operations of a hospital are internally accounted for in the _______ Fund.

6. Hospitals use the _______ basis of accounting.

 

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Accounting Basics: Explain the basis of accounting
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