Question

What organizations are responsible for setting Category A GAAP?

What are the components of the equity section of the financial statements for the following types of organizations:

Not-for-profit, Business-Oriented Organizations

Investor-Owned Health Care Enterprises

Government Health Care Organizations

Answer 1

What organizations are responsible for setting Category A GAAP?

Answer:-

Most people who comprehend the nuts and bolts of budgetary announcing know about the expression sound accounting standards (GAAP) and will promptly distinguish the Financial Accounting Standards Board (FASB) as the standard-setting body in the United States in charge of building up bookkeeping standards for nongovernmental elements However, some may not be aware that there is no single reference source for GAAP because these principles are derived from a variety of sources. For example, although the FASB is responsible for issuing FASB Statements of Financial Accounting Standards, Interpretations, and Technical Bulletins, the American Institute of Certified Public Accountants (AICPA) issues Statements of Position, Audit and Accounting Guides, and Practice Bulletins, and the FASB Emerging Issues Task Force (EITF) issues EITF Abstracts.

What are the components of the equity section of the financial statements for the following types of organizations:

Answer:-

The premise of accounting for hospital and other human services associations are Accrual Basis of accounting. For instance, all income earned for in-house patients up to the most recent day of the bookkeeping time frame ought to be accounted as income for that period independent of whether paid or not. All incomes might be suitably arranged into records the explicit income focuses in which they emerge. Any decreases from sums officially charged to patients because of limits permitted, credit notes issued on cost of drugs; other materials and services are similarly accounted for the relevant accounting period in which they are recorded, or arise.

Not-for-profit, Business-Oriented Organizations

Answer:-

Net resources replace value to be determined sheet, since there are no speculators to take a value position in a nonprofit organisation .

Investor-Owned Health Care Enterprises

Answer:-

Equity would be funds invested by the investors.

Government Health Care Organizations

Answer:-

Value would be reserves gotten from government and other government bonds.

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