Accounting Concepts Underlying Assumptions‚ Principles‚ and Conventions Assumptions The following are basic financial accounting assumptions: Separate entity assumption - the business is an entity that is separate and distinct from its owners‚ so that the finances of the firm are not co-mingled with the finances of the owners. • Going concern assumption - the business is going to be operating for the foreseeable future. Stable monetary unit assumption - e.g. the U.S. dollar • Fixed
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The historical cost concept means expenses and assets must be recorded with their original cost according to its representation cost of things from the past. CITATION Wil09 \l 17417 (Wild‚ Shaw‚ & Barbara‚ 2009) For example‚ APPLE Company bought equipment at the price of RM 10‚000 and after few months‚ the equipment is then estimated to drop in value. The cost of the purchase RM 10 000 would be recorded in the financial report because there is official receipt and documents supporting the value
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A multi-professional team is needed for a holistic and comprehensive approach to health care to come into being. (Legg‚ Duncan & Mitchell‚ n.d.:59) In this essay I am going to outline comprehensive care and describe my profession specific role. I will discuss how my profession specific role fits into comprehensive care. Furthermore‚ I will describe my thoughts and feelings related to my profession specific role‚ as well as how these may impact my future behaviour as an Integrated Health Professional
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INTRODUCTION The accounting concepts are rules and guidelines which the accountant follows and uses when deciding between differing options to make. They help to ensure the accounting information is presented accurately and consistently. All formal accounting statements should be created‚ preserved and presented according to the concepts and conventions’. The following will look at each of the concepts and conventions and relate them to the profit and loss account for a sole trader. GOING
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Professional Regulation and Criminal Liability of Nurses Christopher Ponciano September 27‚ 2010 Legal Issues in Health Care: Regulation and Compliance (HCS/430) University of Phoenix Professional Regulation and Criminal Liability of Nurses The health care field is a very complex workplace environment and the terminology like malpractice encompasses the negligence of health care professionals. In the past‚ there is a division that existed between physicians and nurses. Additionally
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From Chapter 6‚ read and answer question 8 on page 232. You must respond to at least two of your classmates’ postings to receive full credit. Explain the historical cost concept as it applies to long-term operational assets. The historical cost concept refers to the long-term operational assets be documented at the amount in which they are paid for. This amount will show on the balance sheet as long as the asset is owned. In time‚ the asset may rise or even decrease in value‚ but this variation
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THE CONCEPT OF CARE AND THE NURSING METAPARADIGM Caring is a core element in nursing even yet it remains elusive to the entire nursing metaparadigm. All nurses as required by their profession must be caring. For it is through caring that nursing derives its uniqueness and contributes significantly to health care (Thorne‚ Canam‚ Dahinten‚ Hall‚ Henderson‚ and Kirkham‚ 2002). This is not only the patient as an individual but the family and community as well. Further as the nursing profession continues
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Axia College Material Appendix E Financial Officer Interview Directions: Conduct the following interview with a financial officer of a health care organization (space has been provided for any additional questions you might have). Once the interview has been completed‚ answer the questions in Part II. Part I: Interview Questionnaire 1. Briefly describe your current position and its duties and responsibilities. 2. What are the revenue centers for your organization? 3. What
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Ethical Standards in Health Care Accounting Ethical Standards in Health Care Accounting As a health care manager‚ there is a need to understand the basic accounting principles and the need to be able to look at a financial report and understand what it says. Without these keys and a good ethical compass‚ there could be serious consequences and could result in loss of revenue‚ funds‚ termination‚ or even prison time. Now this may seem like an extreme statement‚ but without using the four elements
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The lecture last night discussed accrual accounting concepts such as timing issues‚ and the basics of adjusting entries. The discussion went into more detail on periodicity assumption and how accounting divides the economic life of a business into artificial time periods. These time periods are generally a month‚ a quarter‚ or a year‚ now whether it is a fiscal year or a calendar year that is determined by the company itself. The lecture then reviews the revenue recognition principle which expects
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