Questions from Advanced Accounting

Q: Explain a hospital’s rigid adherence to gross revenue determination.

Explain a hospital’s rigid adherence to gross revenue determination.

Q: What is the special concern over accounting for medical malpractice claims?

What is the special concern over accounting for medical malpractice claims? How does accounting for such claims compare to accounting for contingencies in a for profit business environment?

Q: Estate planning is becoming more important to many individuals. Identify several

Estate planning is becoming more important to many individuals. Identify several goals of estate planning.

Q: Explain the concepts of the marital deduction and the portability of the

Explain the concepts of the marital deduction and the portability of the unified credit as it relates to estate taxes applicable to a married couple.

Q: Explain why it is important to separately account for the principal and

Explain why it is important to separately account for the principal and income of an estate and what happens if such assets are not adequate to satisfy demonstrative or general legacies.

Q: If a debt is restructured through a modification of terms, explain

If a debt is restructured through a modification of terms, explain how the gain on restructuring is determined when the restructuring is not under bankruptcy law versus one that is.

Q: Distinguish between a corporate reorganization and a liquidation as provided for under

Distinguish between a corporate reorganization and a liquidation as provided for under bankruptcy law.

Q: Explain how the claims of fully secured and partially secured creditors affect

Explain how the claims of fully secured and partially secured creditors affect the dividend that may be received by unsecured creditors.

Q: Explain what purpose the statement of realization and liquidation serves.

Explain what purpose the statement of realization and liquidation serves.

Q: Granger Supply, Inc., has two main areas of inventory,

Granger Supply, Inc., has two main areas of inventory, industrial supplies and industrial cleaning equipment. The FIFO inventory method is used for industrial supplies, and the LIFO method is used for...