Government owned hospitals follow FASB Statements 116 and 117 for not-for-profit organizations.

Name: Government owned hospitals follow FASB Statements 116 and 117 for not-for-profit organizations.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

Health care organizations owned or controlled by a government is typically considered a special purpose entity engaged only in business-type activities. These organizations use proprietary fund accounting which uses use the accrual basis and economic resources measurement focus.

Government Owned Hospitals Follow FASB Statements 116 and 117 for Not-For-Profit