Which of the following is true regarding accounting and financial reporting for not-for-profit health care organizations?

Question

Quizplus · Accepted Answer

Patient service revenue does not include charity care. Expenses related to charity care are deducted on the Statement of Operations. Contractual Adjustment is a contra revenue account, not an expense. Patient service revenues are to be reported in the operating statement net of the provision for uncollectible accounts and estimated contractual adjustments with Medicare, Medicaid or insurance companies.

Which of the Following Is True Regarding Accounting and Financial