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or a government organization? Why? What changes in characteristics
would be needed to change it from one type of entity to the other?
E1-2, page 14
(Accounting standards-setting bodies)
Three accountants started talking about hospitals. One said he was
treated at a not-for-profit hospital, another said she was treated at a
county hospital, and the third said he had just returned from the
hospital run by the U.S. Veterans Administration. They wondered
why three different bodies established accounting standards for
hospitals. Give reasons for and against the existence of three
accounting standards-setting bodies.
E1-3, page 14
(Accounting standards-setting procedures)
Several not-for-profit organizations use television campaigns to
obtain pledges to contribute cash.
Some people think that not-for-profit entities should recognize
pledges as revenues when the cash is actually received. Others would
recognize revenues when the pledges are made, subject to a provision
for amounts not likely to be collected. Based on that scenario, discuss
(a) the need for an accounting standards-setting body, (b) the
qualifications that members of that body should possess, and (c) the
procedures that body should adopt in establishing accounting
standards.
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ACG 2551 Week 2 Individual Work
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