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Download Accounting Fundamentals for Health Care Management by Steven A. Finkler PDF

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By Steven A. Finkler

Accounting basics for wellbeing and fitness Care administration is the precise textual content for an introductory direction in monetary administration in either undergraduate and graduate courses. As such a lot classes concentrate on uncomplicated accounting, this is often the 1st e-book that makes a speciality of uncomplicated accounting. All instance and purposes during this publication are particular to the sector of health and wellbeing care. This e-book is an important for an individual with a division and the cheap.

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Extra resources for Accounting Fundamentals for Health Care Management

Example text

Fortunately, debits and credits are simply bookkeeping tools, and you don’t need to use them extensively to understand the concepts of accounting and finance. RECORDING THE FINANCIAL EVENTS Now we are going to work through an example in which we actually record a series of transactions for a hypothetical health care organization, Healthy Hospital, for 2007. The purpose of this example is to give you a feel for the way that financial information is recorded, and to show the process by which millions of transactions occurring during a year can be summarized into several pages of financial statements.

We have great latitude in which other number changes. For example, we might begin with the equation looking like: A = L + NA $300,000 = $200,000 + $100,000 If we were to borrow $40,000 from the bank, we would have more cash—assets would increase by $40,000—and we would owe money to the bank. Our liabilities would increase by $40,000. Now the equation would be: A = L + NA $340,000 = $240,000 + $100,000 The equation is in balance. Compare this equation to the previous one. Two numbers in the equation have changed.

We haven’t been paid yet, so we have an account receivable of $112,000. This leaves the accounting equation in balance. The second transaction concerns inventory and expense. To provide the service, we used some of our inventory. Thus, we have less inventory on hand. This reduction in inventory is offset in the accounting equation by a corresponding inventory expense. Once again, this transaction leaves the accounting equation in balance. ∆A + ∆E A/R + 112,000 Inv. - 56,000 = ∆L + ∆R = Patient Services Revenue + 112,000 Inv.

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