Question

Do you think accounting is different for a medical office than it is for a business office? Why or why not? Provide examples to back up your opinion.

Answer 1

The term accounting is very common especially during tax season.

Accounting refers too the systematic and detailed recording of financial transactions of a business.

There are many types,from accounting for small business, government,forensic and management accounting ,to accounting for corporations

1. Accounting palus a vital role in running a business because it helps you track income,and expenditures,ensure statutory compliance ,and provide investors,management and government with quantitive financial information which can be used in making business decisions.

Key finanacial statements are------

The income statement provides you with information about the profit and loss.

The balance sheet gives you a clear picture on the financial position of your business on a particular date.

The cash flow statement is a bridge between the income statement and balance sheet and reports the cash generated and spent during a specific period of time.

In other hand it also when operating a healthcare organization,the most important factor within the setting is the patient's overall satisfaction while allowing the accounting department to operate financial functions accurately.

Health care accounts are responsible for maintaining the financial records of healthcare organization such as hospitals,health insurance companies.