True or false? Not-for-profit health care organizations segregate their net assets between paid-in capital and retained earnings, with paid-in capital representing donor contributions for capital asset acquisition, and retained earnings representing accumulated operating profits and losses. Explain your answer.
1. Can an organization use any month as its fiscal year end? Explain.
Fill-in-the-blank Questions
2. Use the following terms to fill in the correct answers.
Assets
Liabilities
Equity/Net Assets
Revenues
Expenses
Surplus or Deficit/Change in Net Assets
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