Non-Profit Govt Financial Statements Review

Question 1

What are the statements used by non-for-profit Hospitals?

Answer 1

Statement of Financial Position
Statement of Operations
Statement of Change in Net Assets
Statement of Cash Flows

Question 2

What are the three basic financial statements in nonprofit accounting where accrual accounting is used?

Answer 2

Statement of Financial Position
Statement of activities
Statement of cash Flows

Question 3

What two statements are presented in Government-wide Financial Statements?

Answer 3

1. Statement of Net Position (or assets)

2. Statement of Activities

Question 4

In governmental accounting, what is the accounting formula in the Statement of Position?

Answer 4

Assets + Deferred Outflows of Resources - Liabilities - Deferred Inflows of Resources = Net Position

Question 5

Which statements are issued for Proprietary Funds?

Answer 5

1. Statement of Net Position
2. Statement of revenues, expenses, and changes in fund net position
3. Statement of Cash Flows

Question 6

With GASB, What are the FOUR sections of of the Proprietary Funds Statement of Cash Flows? And is in each section?

Answer 6

1. Operating Activities
2. Investing
3. Non-Capital Financing
4. Capital and Related Financing
5. Reconciliation of operating income using the indirect method

Operating
-Direct Method is Required (No Interest or Dividends Rec’d; Similar to IFRS)
Investing
-Include Interest and Dividends Rec’d; Similar to IFRS
Non-Capital Financing
-Includes interest expense on nonsecured loans
-Transfers, grants, subsidies, and property taxes rec’d
Capital and Related Financing
-Includes interest expense on secured loans
-Includes financed purchased and sales of capital assets

Question 7

What are the two statements issued with Fiduciary Funds?

Answer 7

1. Statement of Fiduciary Net Position

2. Statement of Changes in Fiduciary Net Position