State whether the given statement is acceptable and also provide the reason for the statement to be acceptable or not acceptable.

Question

Want to see more full solutions like this?

Answer 1

Question

Chapter 16, Problem 1Q

To determine

State whether the given statement is acceptable and also provide the reason for the statement to be acceptable or not acceptable.

Expert Solution & Answer

Explanation of Solution

Financial accounting standards board (FASB): This is the organization which creates, develops, and approves accounting principles and standards for state and local governments and for not-for-profit organizations.

The not-for-profit health care entities and investor-owned entities use different method of financial reporting. Even though the FASB acts as an authoritative source for establishing accounting and financial reporting standards for investor-owned and not- for- profit health care organization, there are certain difference in the reporting standards.

The FASB makes necessary changes in the standards of cash flow, deposits with financial institutions, investment and leases. Some of the reasons for the difference in financial reporting requirements are given below:

Not for profit organization will not segregates its investment like investor-owned organization executes its investment into trading, available –for-sale, and held- to maturity.
Not for Profit (NFP) organization are guided by FASB while reporting non-exchange resource received in operating statement and statement of cash flows.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Students have asked these similar questions

Which of the following statements is true?a. All not-for-profit organizations must include a statement of functional expenses.b. Donor-restricted contributions whose restrictions have been met in the reporting period may be reported as unrestricted support.c. Statements should focus on the individual unrestricted and restricted funds of the organization.d. FASB ASC 958-605 contains requirements that are generally more stringent than those relating to for-profit organizations.

Please describe factors that influence the financial viability of a healthcare organization and discuss the major aspects of Medicare benefits? and how do legal and regulatory issues shape and define the good financial management of an HCO?

What note disclosures are specific to nonprofits or government entities, and why are they needed? In your opinion, what are some of the note disclosures that are challenging to write? Explain.

Answer 2

Question

Chapter 16, Problem 1Q

To determine

State whether the given statement is acceptable and also provide the reason for the statement to be acceptable or not acceptable.

Expert Solution & Answer

Explanation of Solution

Financial accounting standards board (FASB): This is the organization which creates, develops, and approves accounting principles and standards for state and local governments and for not-for-profit organizations.

The not-for-profit health care entities and investor-owned entities use different method of financial reporting. Even though the FASB acts as an authoritative source for establishing accounting and financial reporting standards for investor-owned and not- for- profit health care organization, there are certain difference in the reporting standards.

The FASB makes necessary changes in the standards of cash flow, deposits with financial institutions, investment and leases. Some of the reasons for the difference in financial reporting requirements are given below:

Not for profit organization will not segregates its investment like investor-owned organization executes its investment into trading, available –for-sale, and held- to maturity.
Not for Profit (NFP) organization are guided by FASB while reporting non-exchange resource received in operating statement and statement of cash flows.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 3

Question

Chapter 16, Problem 1Q

To determine

State whether the given statement is acceptable and also provide the reason for the statement to be acceptable or not acceptable.

Expert Solution & Answer

Explanation of Solution

Financial accounting standards board (FASB): This is the organization which creates, develops, and approves accounting principles and standards for state and local governments and for not-for-profit organizations.

The not-for-profit health care entities and investor-owned entities use different method of financial reporting. Even though the FASB acts as an authoritative source for establishing accounting and financial reporting standards for investor-owned and not- for- profit health care organization, there are certain difference in the reporting standards.

The FASB makes necessary changes in the standards of cash flow, deposits with financial institutions, investment and leases. Some of the reasons for the difference in financial reporting requirements are given below:

Not for profit organization will not segregates its investment like investor-owned organization executes its investment into trading, available –for-sale, and held- to maturity.
Not for Profit (NFP) organization are guided by FASB while reporting non-exchange resource received in operating statement and statement of cash flows.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 4

Question

Chapter 16, Problem 1Q

To determine

State whether the given statement is acceptable and also provide the reason for the statement to be acceptable or not acceptable.

Expert Solution & Answer

Explanation of Solution

Financial accounting standards board (FASB): This is the organization which creates, develops, and approves accounting principles and standards for state and local governments and for not-for-profit organizations.

The not-for-profit health care entities and investor-owned entities use different method of financial reporting. Even though the FASB acts as an authoritative source for establishing accounting and financial reporting standards for investor-owned and not- for- profit health care organization, there are certain difference in the reporting standards.

The FASB makes necessary changes in the standards of cash flow, deposits with financial institutions, investment and leases. Some of the reasons for the difference in financial reporting requirements are given below:

Not for profit organization will not segregates its investment like investor-owned organization executes its investment into trading, available –for-sale, and held- to maturity.
Not for Profit (NFP) organization are guided by FASB while reporting non-exchange resource received in operating statement and statement of cash flows.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 5

Chapter 16, Problem 1Q

To determine

State whether the given statement is acceptable and also provide the reason for the statement to be acceptable or not acceptable.

Expert Solution & Answer

Explanation of Solution

Financial accounting standards board (FASB): This is the organization which creates, develops, and approves accounting principles and standards for state and local governments and for not-for-profit organizations.

The not-for-profit health care entities and investor-owned entities use different method of financial reporting. Even though the FASB acts as an authoritative source for establishing accounting and financial reporting standards for investor-owned and not- for- profit health care organization, there are certain difference in the reporting standards.

The FASB makes necessary changes in the standards of cash flow, deposits with financial institutions, investment and leases. Some of the reasons for the difference in financial reporting requirements are given below:

Not for profit organization will not segregates its investment like investor-owned organization executes its investment into trading, available –for-sale, and held- to maturity.
Not for Profit (NFP) organization are guided by FASB while reporting non-exchange resource received in operating statement and statement of cash flows.

Answer 6

Chapter 16, Problem 1Q

To determine

State whether the given statement is acceptable and also provide the reason for the statement to be acceptable or not acceptable.

Expert Solution & Answer

Explanation of Solution

Financial accounting standards board (FASB): This is the organization which creates, develops, and approves accounting principles and standards for state and local governments and for not-for-profit organizations.

The not-for-profit health care entities and investor-owned entities use different method of financial reporting. Even though the FASB acts as an authoritative source for establishing accounting and financial reporting standards for investor-owned and not- for- profit health care organization, there are certain difference in the reporting standards.

The FASB makes necessary changes in the standards of cash flow, deposits with financial institutions, investment and leases. Some of the reasons for the difference in financial reporting requirements are given below:

Not for profit organization will not segregates its investment like investor-owned organization executes its investment into trading, available –for-sale, and held- to maturity.
Not for Profit (NFP) organization are guided by FASB while reporting non-exchange resource received in operating statement and statement of cash flows.

Answer 7

Chapter 16, Problem 1Q

To determine

State whether the given statement is acceptable and also provide the reason for the statement to be acceptable or not acceptable.

Answer 8

Expert Solution & Answer

Explanation of Solution

Financial accounting standards board (FASB): This is the organization which creates, develops, and approves accounting principles and standards for state and local governments and for not-for-profit organizations.

The not-for-profit health care entities and investor-owned entities use different method of financial reporting. Even though the FASB acts as an authoritative source for establishing accounting and financial reporting standards for investor-owned and not- for- profit health care organization, there are certain difference in the reporting standards.

The FASB makes necessary changes in the standards of cash flow, deposits with financial institutions, investment and leases. Some of the reasons for the difference in financial reporting requirements are given below:

Not for profit organization will not segregates its investment like investor-owned organization executes its investment into trading, available –for-sale, and held- to maturity.
Not for Profit (NFP) organization are guided by FASB while reporting non-exchange resource received in operating statement and statement of cash flows.