Assignment: Noncurrent Assets

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Assignment: Noncurrent Assets

Assignment: Noncurrent Assets

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o hold for more than one year. Other noncurrent assets include assets limited as to use (by contracts with outside parties) and goodwill, which represents the amount above fair market value based on an entity’s future earning potential.

Liabilities are economic obligations, or debts, of the organization. Current liabili- ties are economic obligations, or debts, that are due within one year. Accounts payable are amounts the organization owes to suppliers and other trade creditors for merchandise and services purchased from them, but for which the organization has not yet paid. Notes payable are short-term obligations for which a formal contract has been signed, such as a short-term loan. Accrued expenses payable are liabilities for expenses that have been incurred by the hospital but for which the hospital has not yet paid, such as compensation to employees. Deferred revenue is money received by the hospital but not yet earned by the hospital, such as registration fees for an educational program not yet provided. Estimated third-party adjustments are approximations of how much money the organization will be required to return to third-party payers due to overpayments to the organization. Cur- rent portion of long-term debt is the amount of the organization’s long-term debt (not including interest) that is expected to be paid within one year.

Long-term liabilities are economic obligations, or debts, that are due in more than one year. Long-term debt, net of current portion is an economic obligation, or debt, that is due in more than one year, minus the amount that is due within one year.

Net assets is the current AICPA-approved term for the difference between assets and liabilities in not-for-profit healthcare organizations2 and represents the owner’s (com- munity’s or religion’s) and others’ (donors external to the organization) financial interest in the organization.

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