Question

Hospitals, voluntary health and welfare organizations, and other not-for-profit organizations often rely heavily on donations of volunteers’ time and equipment, supplies, or other assets.

Required
a. Specify the criteria to be used to determine the accounting for donated services to
(1) Hospitals,
(2) VHWOs, and
(3) ONPOs.
Discuss the reasons for any differences in the accounting criteria.
b. How are donations of capital assets such as equipment accounted for by hospitals? Is depreciation recorded on these donations? Why or why not?
c. How are cash contributions accounted for by
(1) Hospitals,
(2) VHWOs, and
(3) ONPOs?



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  • CreatedMay 23, 2014
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