HCS 571 Generally Accepted Accounting Principle

HCS 571 Generally Accepted Accounting Principle

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Accounting is the language of business, and used in everyday life, especially in Healthcare organizations. Organizations must follow specific guidelines when making decisions for the direction of the health care system. These rules were created by the Financial Accounting Standards Board (FASB), and based on Generally Accepted Accounting Principles (GAAP) that detail technical rulings (Finkler & Ward, 2006, p. 17). The key concepts of these principals are going concern, conservatism, matching, cost, objective evidence, materiality, consistency, and full disclosure. Each concept will be discussed further along with an example for the relativity toward health care.

Every accounting center is based on the "entity," which is the unit to be accounted. Entities can be the whole...

HCS 571

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Answered by 2 years ago
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HCS 571 Generally Accepted Accounting Principle

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Excerpt from file: Accountingisthelanguageofbusiness,andusedineverydaylife,especiallyin Healthcareorganizations.Organizationsmustfollowspecificguidelineswhen makingdecisionsforthedirectionofthehealthcaresystem.Theseruleswere createdbytheFinancialAccountingStandardsBoard(FASB),andbasedon

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Asked: 2 years ago