Question

1.) Use the following terms to fill in the correct answers.

a. Assets
b. Liabilities
c. Equity/Net Assets
d. Revenues
e. Expenses
f. Surplus or Deficit/Change in Net Assets


An operating statement for an organization lists the

____________,

____________, and

____________; while the balance sheet presents an organization’s

____________,

____________, and

____________.

2. The GAAP concept that values assets at what an organization paid for them at acquisition is termed:

A)	Fair market valuation

B)	Objective measurement

C)	Replacement cost basis

3. Select all of the following accounts that would be considered assets.

1)

cash

2)	patient receivables

3)	mortgage payable

4)

goodwill

5)	notes payable

Answer 1

1.

An operating statement for an organization lists the

___(d)__Revenues_______,

_(e) Expenses___________, and

_(f) Surplus or deficit___________; while the balance sheet presents an organization’s

__(a) assets__________,

_(b) Liabilities___________, and

__(c) equity__________.

2.

The GAAP concept that values assets at what an organization paid for them at acquisition is termed:

(A) Fair market valuation

3.

Following accounts would be considered as assets:

(1) Cash

(2) Patient receivables

(4) Goodwill

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