For financial reasons,two not-for-profit hospice organizations (hospices A and B)decided to combine. As a result of the combination,the assets and liabilities of the combined hospice were reported at the amounts that had been previously reported by A and B on their financial statements.Under the FASB,the combining of hospices A and B would be classified as which of the following?

Question

Quizplus · Accepted Answer

The combination of two not-for-profit organizations where the assets and liabilities are reported at their previously reported amounts is classified as a merger under FASB guidelines.

For Financial Reasons,two Not-For-Profit Hospice Organizations (Hospices a and B)decided