|Syllabus | |College of Natural Sciences | |HCA/270 Version 3 | |Financial Matters for Health Care Professionals | Copyright © 2011‚ 2009‚ 2007 by University of Phoenix. All rights reserved. Course Description This course is designed as an introduction to the terminology‚ processes‚ functions
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Appendix C - HCA/270 Health Care Finance | PART III - Grouping Expenses by Cost Center | Background: Cost centers are used in an organization to group expenses. For example‚ the patient registration department would be a cost center. All costs associated with operating the patient registration department would be grouped into this cost center. Items such as paper‚ copier rental‚ education and training for new employees‚ and computers used by the registration employees would be allocated to this
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Present and Future Value HCA 270 Calculate the future value of the following: * $5‚000 compounded annually at 6% for 5 years $6‚691.13 * $5‚000 compounded semiannually at 6% for 5 years $6719.58 * $5‚000 compounded quarterly at 6% for 5 years $6734.28 * $5‚000 compounded annually at 6% for 6 years $7092.60 Answer the following: The conclusion that can be drawn about the frequency of compounding interest is that the more frequency the better. The conclusion
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Cost Classifications Consult Ch. 6 & 7 of Health Care Finance and other sources to complete the form. This worksheet requires you to match the definitions and examples of types of cost‚ and the types of centers where costs occur. Part 1: For each term in Column A‚ select the correct definition from Column B on the right. Write the corresponding letter of the definition next to the term. Column A f 1. Indirect costs a 2. Direct costs d 3. Fixed costs i e h b c g 4. Variable
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Level Material Cost Classifications Consult Ch. 6 & 7 of Health Care Finance and other sources to complete the form. This worksheet requires you to match the definitions and examples of types of cost‚ and the types of centers where costs occur. Part 1: For each term in Column A‚ select the correct definition from Column B on the right. Write the corresponding letter of the definition next to the term. |Column A | |F |Indirect costs
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source same End result ! ends with financial statements ! integral part of other business aspects B. Cost Accounting Terminology 1. Nature of Cost Cost - A sacrifice of resources: Cost is a measurement in monetary terms of the amount of resources used for some purpose. Expense - The cost charged against revenue in a particular accounting period. 2. Purposes of Gathering Cost Information Routine decision making:
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College Material Appendix D Costs and Cost Control Part I—Costs: Briefly define the following terms‚ and provide examples where appropriate. Term | Definition and example | Direct costs | An expense that can be traced to a specific cost center or object. An example of this would be labor costs or costs for materials. | Indirect costs | An expense that is incurred in joint usage and is hard to track to one specific cost center. An example of this would be cost for advertising‚ maintenance
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Cost classification is the process of grouping costs according to their common characteristics. A suitable classification of costs is of vital importance in order to identify the cost with cost centres or cost units. Cost may be classified accounting to their nature‚ i.e.‚ material‚ labor and expenses and a number of other characteristics. The same cost figures are classified according to different ways of costing depending upon the purpose to be achieved and requirements of particular
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Cost Classification Introduction: In this assignment I will be discussing how costs incurred in any organization may be classified in a number of different ways for a number of different purposes. I will also be looking to find companies that use a variety of different costing techniques and methods. I will also be discussing the comparisons between marginal and absorption costing and how the concept of activity based costing can also be compared with these. To complete the assignment I will
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Cost Classifications for Decision-Making. Every decision involves choosing from among at least two alternatives. Only those costs and benefits that differ between alternatives are relevant in making the selection. This concept is explored in greater detail in the chapter on relevant costs. However‚ decision-making contexts crop up from time to time in the text before that chapter‚ so it is a good idea to familiarize students with relevant cost concepts. 1. Differential Costs. A differential cost
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