Question

The balance sheet of a hospital does not contain the item of:​

Answer 1

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Non-profits have their own standard reports. The statement of position is the balance sheet of the non-profit.

Answer 2

Answer:

The balance sheet of a hospital does not contain the item of owner equity.

Explanation:

• Equity is mentioned because when a balance sheet is prepared for a commercial company, it is funded by the owner to start the company.
• Similarly, nonprofits do not exist in any type of business and do not require funds, so capital is not mentioned when preparing the balance sheet.

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