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QUESTION
How should one determine whether FASB or GASB standards should be followed by any particular not-for-profit organization?
How should one determine whether FASB or GASB standards should be followed by any particular not-for-profit organization?
AnswerNot – for -profit organizations are those organizations whose main aim is toprovide the service and to earn profit. For example hospitals, schools etc.The main source of income in...