Not-for-profit organizations basically follow the same criteria as profit-oriented companies with respect to the recognition and measurement of tangible capital assets and intangibles.

Question

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Not-for-profit organizations follow generally accepted accounting principles (GAAP), which include the criteria for recognition and measurement of tangible capital assets and intangibles. These criteria are the same for both profit-oriented companies and not-for-profit organizations.

Not-For-Profit Organizations Basically Follow the Same Criteria as Profit-Oriented Companies