For Financial Reasons,two Not-For-Profit Hospice Organizations (Hospices a and B)decided

question 59

Multiple Choice

For financial reasons,two not-for-profit hospice organizations (hospices A and B) decided to combine. As a result of the combination,the assets and liabilities of the combined hospice were reported at the amounts that had been previously reported by A and B on their financial statements.Under the FASB,the combining of hospices A and B would be classified as which of the following?

• A) Merger.
• B) Consolidation.
• C) Acquisition.
• D) Component unit.

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Definitions:

Certificates

Official documents attesting to a certain fact or level of achievement, often used to verify education, training, or qualifications.

Task Specialization

The process of dividing work into specialized jobs that allow individuals to focus on specific tasks.

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Professionals specializing in designing, improving, and optimizing complex processes and systems, particularly in manufacturing and production, to increase efficiency and reduce waste.

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The repeatable processes or phases that work goes through from initiation to completion, often seen in project management or production.