Which of the following is accurate with respect to accounting for an investor-owned, for-profit hospital?
A. The hospital must the direct method of presenting operating cash flows.
B. The hospital would use accrual accounting in the same manner as a commercial business with the exception of the recording of donations which would be recorded using the modified accrual method.
C. The hospital would be subject to the FASB (category A GAAP) and the AICPA Health Care Guide (category B GAAP).
D. The hospital would be subject to the AICPA Health Care Guide and FASB pronouncements for not-for-profits, such as Statements 116 and 117.
Answer: C
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