Brandywine Homecare Renne Brown Dr. Merle Point-Johnson HSA525 Healthcare Financial Management January 22, 2012
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Issues: * According to the Accounting Standard Codification (ASC) 235-10-50-3, in the notes to financial statements, the disclosure shall identify and describe the accounting principles followed by the entity and the methods of applying those principles that materially affect the determination of financial position, cash flows, or results of operations. In general, the disclosure shall encompass important judgments as the appropriateness of principles relating to recognition of revenue and
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statements. * Second, by referring to an existing framework of basic theory, it should be possible to solve new and emerging practical problems more quickly. It is difficult, if not impossible, for standard setters to quickly state the proper accounting treatment for highly complex situations. Practising accountants, however, must solve such problems on a day-to-day basis. By using good judgement, and with the help of a universally accepted conceptual framework, it is hoped that accountants will
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resources and also how to effectively carry out plans that have been established. Lastly decision making helps financial manager to make choices among available option's (Baker, Baker,2011). Generally Accepted Accounting Principles or ( GAAP) is a set of procedures, standards, and principles that a organization can all agree on in order to report their financial data. The GAAP has several components but we will only name the most important like debt, inventory cost, long-term and short- term investment
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year is when buyers can purchase the items. This is not entered in the accounting period and that’s a problem. The CFO wants to draw attention of the investors, so he is asking if there is a way to report the sales for this year, in this year’s books Legal Issues and Laws In a business, there a federal and state laws that must be followed when financial transaction are being reported. These three important components of accounting go hand and hand when to come down to enforcing laws are the Sarbanes-Oxley
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Reporting Practices and Ethics Monika Kaloyanova HCS/405 August 31st 2015 Professor Joe Gazdik Introduction There are a lot of important parts in health care organizations but what sticks out the most is financial management. Financial management needs to be taken seriously and everything has to be done accurately because there are consequences if errors occur and the organization cannot function properly. It also helps to see the profit and loss that the organization is having and to see
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1. Accounting is an information and measurement system that identifies, records, and communicates relevant, reliable, and comparable information about an organization's business activities. True False 2. Managerial accounting is the area of accounting that provides internal reports to assist the decision making needs of internal users. True False 3. The primary objective of financial accounting is to provide general purpose financial statements to help external users analyze and
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P22. 6. Internal and external users of accounting information have similar needs in that both groups are required to make financial decisions. Managers (internal users) are required to make many day-to-day decisions in running their organizations; they generally need more detailed and more timely information. The information supplied to managers can be in any form that fits the specific questions and circumstances facing the manager. Investors and creditors, the primary external users, need summarized
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Systems September 10, 2012 Jeffrey Mitchell Memo Accounting Professionals, Inc. To: Management From: Michelle Richardson CC: Jeffrey Mitchell Date: September 10, 2012 RE: CPA Report ________________________________________________________________________ Per your request, this memo provides explanations regarding a subsidiary that has recently been set up as a corporation. This explanation includes the procedures for reporting accounting changes and error corrections, the methodology
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company’s financial statements. A review of financial statement transactions by a certified public accountant consists of an analysis of accounting procedures to determine if there are errors in financial reporting and that they adhere to generally accepted accounting principles (GAAP). During this phase, the CPA will consult with management and accounting staff with a follow up of the organization’s written policies to determine that financial statements are prepared in conformity to GAAP. The
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