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Olga Jimenez HCA 240 determining financial viability essay
Olga Jimenez
HCA-240
August 18, 2020
Mrs. Sharon Ingram
Determining Financial Viability
According, to the General Principles of Accounting there are five principles are
Accounting entity, Money measurements, Duality, Cost Valuation, Stable monetary unit.
Account entity where financial information is recorded and reported. However, money
measurements face problems in economic resources. Some examples of scare are supplies,
buildings, equipment, money, and money claims. Duality is an important fundamental in
accounting all balances must equal the value of liabilities and residual interest which is called
assets ( assets = liabilities + net assets). Cost Valuation is there to guide where the cost basis is
being used. While Stable monetary does not bring problems to inflation (Cleverley, Song &
Cleverley, 2011). Differences in finance, accounting, and financial reporting and working
together to meet financial viability.
Meeting financial auditing requirements of Centers for Medicare and Medicaid Services.
Some of the differences between accounting and finance are they both focused on the
flow of money and finding ways to make it grow for the company or institution they are working
for. While finance is “broader term for the management of assets and liabilities and the planning
of future growth” (Josephson, 2019, para. 2). The financial department's responsibilities are to
collect credit and collection policies. They need to be aware when there is a need for cash to
guide the finance team to the sources. Accounting is focused on reporting in compliance with the
laws and the standards. While financial reporting structures keep records transaction set with
codes. They manage the financial business, support audits, and the control of financial
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transactions. While still providing flexibility for reporting and analysis (Josephson, 2019). There
are many differences in finance, accounting, and financial reporting structures. Accounting is
responsible for the balance sheets, inventories, supplies, prepaid expense, plant, property,
equipment, land, and improvements, buildings, equipment, Construction in progress, allowance
for depreciation, assets limited as to use, others assets, current liabilities, accounts payable,
Accrued liabilities, etc. Some of the things that are Financial reporting are in charge are financial
statements, Director's report, Management discussion, reporting, Capital structures, Notes to the
account, earning cells, Corporate Governance Report, Prospectus, and Auditors Report.
However, when all of these work together balance sheets represent the record of the
assets for which they are working. Assets are things the organization is entitled to like buildings,
equipment, and money. For example, “a medically indigent patient might receive services that
have an established rate of $100 but be billed only $50. If it is anticipated that the patient will not
pay even the $50, then that $50 will show up as a doubtful account allowance. HCF had a
doubtful account allowance of $25,302,000 for its accounts receivable in 20X7. This means that
the organization had uncollected net patient charges of $95,327,000 ($70,025,000 +
$25,302,000) but only expected to collect $70,025,000 (the amount listed in accounts receivable
for 20X7)” (Cleverley, Song & Cleverley, 2011, chapter 9, para. 29). Keeping inventories in any
healthcare facility in finance and accounting. Can keep track of what is being used in that facility
to keep a weel record. Prepaid expenses are payments made in advance or future use within that
year finance and accounting still have to keep it in the balance sheet. State Regulatory bodies is a
government-funded organization to be in charge of financial markets. To help regulate and
investigate the markets of fraud and allow consumers to be treated equally and fairly.
Olga Jimenez HCA 240 determining financial viability essay
Olga Jimenez
HCA-240
August 18, 2020
Mrs. Sharon Ingram
Determining Financial Viability
According, to the General Principles of Accounting there are five principles are
Accounting entity, Money measurements, Duality, Cost Valuation, Stable monetary unit.
Account entity where financial information is recorded and reported. However, money
measurements face problems in economic resources. Some examples of scare are supplies,
buildings, equipment, money, and money claims. Duality is an important fundamental in
accounting all balances must equal the value of liabilities and residual interest which is called
assets ( assets = liabilities + net assets). Cost Valuation is there to guide where the cost basis is
being used. While Stable monetary does not bring problems to inflation (Cleverley, Song &
Cleverley, 2011). Differences in finance, accounting, and financial reporting and working
together to meet financial viability.
Meeting financial auditing requirements of Centers for Medicare and Medicaid Services.
Some of the differences between accounting and finance are they both focused on the
flow of money and finding ways to make it grow for the company or institution they are working
for. While finance is “broader term for the management of assets and liabilities and the planning
of future growth” (Josephson, 2019, para. 2). The financial department's responsibilities are to
collect credit and collection policies. They need to be aware when there is a need for cash to
guide the finance team to the sources. Accounting is focused on reporting in compliance with the
laws and the standards. While financial reporting structures keep records transaction set with
codes. They manage the financial business, support audits, and the control of financial
, 2
transactions. While still providing flexibility for reporting and analysis (Josephson, 2019). There
are many differences in finance, accounting, and financial reporting structures. Accounting is
responsible for the balance sheets, inventories, supplies, prepaid expense, plant, property,
equipment, land, and improvements, buildings, equipment, Construction in progress, allowance
for depreciation, assets limited as to use, others assets, current liabilities, accounts payable,
Accrued liabilities, etc. Some of the things that are Financial reporting are in charge are financial
statements, Director's report, Management discussion, reporting, Capital structures, Notes to the
account, earning cells, Corporate Governance Report, Prospectus, and Auditors Report.
However, when all of these work together balance sheets represent the record of the
assets for which they are working. Assets are things the organization is entitled to like buildings,
equipment, and money. For example, “a medically indigent patient might receive services that
have an established rate of $100 but be billed only $50. If it is anticipated that the patient will not
pay even the $50, then that $50 will show up as a doubtful account allowance. HCF had a
doubtful account allowance of $25,302,000 for its accounts receivable in 20X7. This means that
the organization had uncollected net patient charges of $95,327,000 ($70,025,000 +
$25,302,000) but only expected to collect $70,025,000 (the amount listed in accounts receivable
for 20X7)” (Cleverley, Song & Cleverley, 2011, chapter 9, para. 29). Keeping inventories in any
healthcare facility in finance and accounting. Can keep track of what is being used in that facility
to keep a weel record. Prepaid expenses are payments made in advance or future use within that
year finance and accounting still have to keep it in the balance sheet. State Regulatory bodies is a
government-funded organization to be in charge of financial markets. To help regulate and
investigate the markets of fraud and allow consumers to be treated equally and fairly.
