If a Clinic Raises a Significant Amount or Nearly All

question 91

Multiple Choice

If a clinic raises a significant amount or nearly all their resources from voluntary contributions or grants, they are subject to the guidance in the AICPA:

• A) Not-for-Profit Guide.
• B) Health Care Guide.
• C) Voluntary Health and Welfare Guide.
• D) Contributions and Grants Guide.

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Definitions:

Source Documents

Source documents are original records that contain the details to support business transactions, such as receipts and invoices.

Adjustments Columns

In accounting, columns in ledgers or worksheets where adjustments are recorded before preparing the final financial statements.

General Ledger

A comprehensive set of accounts that records all transactions of a business, leading to the preparation of financial statements.

Worksheet

A paper or digital document used to organize and simplify the preparation of financial statements or for planning purposes in accounting.