Level "A" GAAP for Cook County Hospital, a public hospital, would be established by the:
A) Governmental Accounting Standards Board.
B) Financial Accounting Standards Board.
C) Hospital Financial Management Association.
D) American Institute of Certified Public Accountants.

Question

Quizplus · Accepted Answer

The hospital is a public hospital. The Governmental Accounting Standards Board sets accounting and financial reporting standards for state and local governments in the U.S., governmentally related not-for-profit organizations, such as colleges and universities, health care entities, museums, libraries, and performing arts organizations that are owned or controlled by governments. So GASB would be responsible for level "A" GAAP.

Level "A" GAAP for Cook County Hospital, a Public Hospital