In Accordance with FASB 116,contributions of Services Are Recognized as Increases

question 71

Multiple Choice

In accordance with FASB 116,contributions of services are recognized as increases in unrestricted net assets by a private,not for profit entity if which of the following criteria are satisfied? I.The services received create or enhance nonfinancial assets.
II) The services require specialized skills,are provided by individuals possessing those skills,and would typically need to be purchased if not provided by donations.
III) The services will be performed within the current fiscal year.

• A)I or II.
• B)I or III.
• C)II or III.
• D)I,II,III.

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Definitions:

Physician Self-Referral

A situation where a doctor refers a patient to a medical facility in which they have a financial interest, possibly leading to conflicts of interest and increased healthcare costs.

Financial Interest

A stake or concern in an economic benefit or detriment that could accrue from a particular transaction or decision.

Conflict of Interest

Physician self-referral is the practice of a physician referring a patient to a medical facility in which he or she has a financial interest, be it ownership, investment, or a structured compensation arrangement. Critics of the practice allege an inherent conflict of interest, given the physician's position to benefit from the referral.

CDC

The Centers for Disease Control and Prevention, a leading national public health institute in the United States, focused on protecting public health and safety.