Which of the following statements is not true regarding generally accepted accounting principles (GAAP)applicable to health care organizations?

Question

Quizplus · Accepted Answer

Private hospitals do not follow guidance from the GASB (Governmental Accounting Standards Board). They follow guidance from the FASB (Financial Accounting Standards Board) or the AICPA (American Institute of Certified Public Accountants). Public health care organizations do follow guidance from the GASB. Both for-profit and not-for-profit health care organizations follow guidance from the FASB. The AICPA Audit and Accounting Guide Health Care Organizations provides guidance for all types of health care entities.

Which of the Following Statements Is Not True Regarding Generally