Only State and Local Governments and Their Component Units Must

question 15

True/False

Only state and local governments and their component units must have single audits; colleges and universities and other not-for-profit organizations that expend federal financial awards are not required to have single audits.

Understand the impact of trade discounts, sales discounts, returns, and allowances on financial performance.

Understand the specific accounting standards applicable to various types of health care entities.

Identify the requirements for reporting donations and how they impact the Statement of Activities.

Differentiate between various types of not-for-profit entities and their accounting principles.

---

Definitions:

Motivational Interviewing

A counseling approach that helps individuals find the motivation to make positive decisions and accomplish established goals.

Person-centered Therapy

A psychotherapeutic approach developed by Carl Rogers that emphasizes an empathetic, nonjudgmental environment, allowing clients to lead the conversation and process of therapy.

Intrinsic Motivation

Type of motivation in which a person performs an action because the act itself is rewarding or satisfying in some internal manner.

Cognitive Therapy

A form of psychotherapy that focuses on changing negative patterns of thought to improve emotional regulation and develop personal coping strategies targeting solving current problems.