HSM 340 Discussions Week 2 DeVry

1. HSM 340 Discussions Week 2 DeVry Just Click on Below Link to Download This Course: https://www.devrycoursehelp.com/product/hsm-340-discussions-week-2-devry/ Or Email us help@devrycoursehelp.com HSM 340 Discussions Week 2 DeVry HSM 340 Accounting Conventions and Methods Discussions 1 Week 2 Discuss the accounting conventions that affect the application of accounting principles. Materiality allows treatment in accordance to GAAP (Generally Accepted Accounting Principles). More than that, it has a certain significance because it makes it necessary for material expenses to be booked in the appropriate time period. What happens if it is not and why not? Historical cost convention is one important factor. If an asset is purchased 5 years ago and recorded at cost, it must be kept recorded at cost in the books. The reason why costs are not updated and changed to market value is the fact that assets fluctuate in value. Do you agree with the cost concept or are there suggestions to treat it differently? A dollar today is worth more than a dollar in a year, mainly due to inflation, but are there any other reasons? If the firm is not consistent on how to book its transactions, it can create a problem and make the financial statements not comparable or even useable. Outside auditors have to check and certify. What other roles does the audit firm play here? What about internal audits versus external?… HSM 340 Financial Performance Discussions 2 Week 2 Explain why it is important to know the scope of business being reviewed when using financial statements. I look forward to reading your responses and to discuss Health Services Finance. Reviewing financial statements is important and we need to keep our focus on the healthcare area . Being aware of the scope of business puts things more in perspective. Different scopes have different measures of performance. A clear understanding leads to more success and that is why we say that we need to continuously develop the analysis and make it relevant. . Managers who do not have this understanding cannot perform as desired. Who is in charge of ensuring that managers have the understanding of the scope of business? It is important to understand the business to manage the finances. We try to stress that to our managers. It is not only important to stay within budget but it is also important to understand why you go over budget. Let’s take a look at the Study Tools section in the lecture. What ratio is the most useful to express or discuss this concept?…

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