Practices and Ethics HCS/405 Reporting Practices and Ethics A major aspect of health care organization operation is that of financial management. Financial management of health care organizations incorporates ethical standards and proper reporting practices. Financial practices and ethical finance concerns are important to the success of any organization‚ particularly within the health care industry. The four elements of financial management‚ generally accepted accounting practices (GAAP)
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1. A major advantage of the partnership form is that the personal assets of the partners are protected from creditors in case of legal action- False 2. A partnership is considered an “entity” for accounting purposes- True 3. “Mutual agency” means that one partner can legally bind all the other partners to a contract if it appears that he or she is acting appropriately- True 4. Partners are taxed on their drawings regardless of their share of the income. False 5. If a partnership agreement
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P1-9A Bennett’s Home Renovations Income Statement Month Ended December 31‚ 2011 Revenue Service Revenue $ 154‚700.00 Expenses Interest 1‚190.00 Supplies 2‚975.00 Salaries 87‚430.00 Vehicle Maintenance 19‚545.00 Total Expenses 111‚140.00 Profit $ 43‚560.00 Bennett’s Home Renovations Statement of Owner’s Equity Month Ended December 31‚ 2011 J. Bennett Capital‚ January 2011 $ 54‚350.00 Add: Investments
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what debit and credit mean. T For each of the following transactions of Dennen‚ Inc.‚ for the month of January 2015‚ indicate the accounts‚ amounts‚ and direction of the effects on the accounting equation. A sample is provided. a. (Sample) Borrowed $30‚000 from a local bank b. Lent $10‚000 to an affiliate; accepted a note due in one year. c. Sold 100 additional shares of stock with a par value of $.10 per share to investors for $500 cash. d. Purchased $15‚000 of equipment‚ paying $5000 cash and signing
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years=1‚400-1‚050 C. For the latest year during December 31‚ net income was $175 million. If Dilbert paid its stockholders’ cash dividends of $50 million‚ what is the total economic income of the stockholder during this year? 750 C1 (Accounting versus Economic Income) During the latest year‚ McGowan Construction earned a net income of $250‚000. The firm neither bought nor sold any capital assets‚ and the book value of its assets declined by the year’s depreciation charge‚
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com. OVERSTOCK.COM: UNUSUAL/CONFLICTING ACCOUNTING PRINCIPLES IMPACT Overstock.com has recently received negative publicity because of some decisions regarding GAAP‚ internal accounting policies and their relationship with external auditors that has caused the company to have to restate their published financial statements going back to 2008. In their 2010 10K report on page 19 it is stated that "We lacked a sufficient number of accounting professionals with the necessary knowledge‚ experience
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ACG6026 Boot Camp Quiz Fall 2013 1. Which of the following is the fundamental accounting equation? a. Current assets + Current liabilities = Owners’ equity b. Assets + Owners’ equity = Liabilities c. Cash = Debts + Common stock d. Assets = Liabilities + Owners’ equity 2. Which one of the following best describes a balance sheet? a. A description of the entity’s operations over a period of time b. A snapshot at a point in time of an entity’s assets‚ liabilities and owners’ equity
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Principle of Accounting II‚ Exam 3‚ spring 2010 V 1-17. A flexible budget is a budget that: A. is updated with actual costs as they occur during the period. B. is updated to reflect the actual level of activity during the period. C. is prepared using a computer spreadsheet application. D. contains only variable production costs. 2-19. Marchi Family Inn is a bed and breakfast establishment in a converted 100-year-old mansion. The Inn’s guests appreciate its gourmet breakfasts and individually
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CHAPTER 11 Financial Reporting Concepts ASSIGNMENT CLASSIFICATION TABLE Study Objectives Questions Brief Exercises Exercises Problems Set A Problems Set B 1. Explain the importance of having a conceptual framework of accounting‚ and list the components. 1‚ 2 1 3 3 2. Identify and apply the objective of financial reporting and the underlying assumptions used by accountants. 3‚ 4‚ 5 2‚ 3‚ 6 1‚ 2‚ 4‚ 5‚ 6 1‚ 2‚ 4‚ 5 1‚ 2‚ 4‚ 5 3. Describe the fundamental and enhancing
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U. S. Generally Accepted Accounting Principles (U. S. GAAP) and International Financial Reporting Standards (IFRS) There are numerous companies that use different types of accounting standards or rules. International Financial Reporting Standards (IFRS) and U.S. Generally Accepted Accounting Principles the most popularly used by companies. IFRS is a set of accounting standards that provides a global framework for how public companies prepare and disclose their financial statements. The U.S. Generally
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