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NURS 6211 Week 3: Foundational Accounting Concepts and Financial Statements essay assignment
NURS 6211: Finance and Economics in Health Care Delivery | Week 3 essay assignment
It is a typical day at Greenwood Hospital in upstate New York. A nurse enters the supply closet and takes out some bandages to replace old ones on a patient who was admitted from the surgical ward several hours ago. This is a simple event that happens thousands of times a day in thousands of hospitals, but have you ever stopped to consider how that task is reflected in the accounting records of the organization? How is money allocated to restock the supplies? How is the organization reimbursed for the cost of those bandages?
NURS 6211: Foundational Accounting Concepts and Financial Statements essay assignment
This week, you are introduced to basic accounting concepts that impact daily operations within health care organizations.
- Distinguish between accrual accounting and cash accounting
- Analyze the role of cash in organizations
- Apply basic financial calculations using information found on an income sheet and balance statement
Discussion: Foundational Accounting Concepts essay assignment
Although it is important to be familiar with foundational accounting concepts and to understand how they are calculated, it is equally important to recognize how the information from these calculations fits into the larger picture of daily actions in hospitals. Consider the simple task of taking patients their dinner trays. Think of all of the different costs that are involved. The dietitian must be paid, as well as the food handlers. The food has to be purchased as well as the trays and utensils. Trays must be delivered, picked up, and cleaned. A cost is incurred at each stage.
In this Discussion, you consider how the costs of the daily tasks performed by nurses are accounted for and impact cash flow.
- Review this week’s Learning Resources focusing on the difference between accrual accounting and cash accounting. Conduct additional research as needed until you are confident that you grasp the distinction between the two approaches.
- Consider why you would select one approach over the other and the effect it would have on financial decision making. Determine how you could explain these concepts to someone not familiar with accounting.
- Select a task you might perform daily, or an item that you might use daily in the workplace, and determine where the cost should appear on a balance sheet.
- Reflect on the role of cash in the financial operations of an organization. How could cash flow issues impact your own organization (or one with which you are familiar)?
By Day 3
Post an explanation of the difference between accrual accounting and cash accounting, and when each might be used. Then, describe a task you might perform or an item you might use daily, and explain where the cost should appear on a balance sheet, and why. Finally, assess how cash flow issues could impact your own organization (or one with which you are familiar).
Read a selection of your colleagues’ responses.
By Day 6
Respond to at least two of your colleagues on two different days using one or more of the following approaches:
- Ask a probing question, substantiated with additional background information, evidence or research.
- Share an insight from having read your colleagues’ postings, synthesizing the information to provide new perspectives.
- Validate an idea with your own experience and additional research.
- Expand on your colleagues’ postings by providing additional insights or contrasting perspectives based on readings and evidence.