Question

In: Accounting

The Health Information Management Department is allocated $500,000 for its budget for the year.  The Director expends...

The Health Information Management Department is allocated $500,000 for its budget for the year.  The Director expends this allocation by authorizing expenditures throughout the year to pay employee salaries, buy supplies and pay for new equipment.  The employees process the records of patients whose insurers pay the claims issued by the healthcare center.  The employees use their paychecks to buy goods and services in the community.  Some of the community members seek health care at the surgery center.  Their insurances pay for the services.  The monies from the insurers are allocated to the hospital departments for their daily operations.

The above scenario describes which one of the following concepts:

___a.        The accounting cycle

___b.        Post service float

___c.        Cashflow continuum

Describe the characteristics of each of the above concepts.

Solutions

Expert Solution

Answer :

Decription: Setting of Bdget for Exps

As the company fixed   bdeget for Expense   for years      $ 500000/-

Expenses   are   devided in three part   1. Employees salary

                                                            2. Supplies Purchase

                                                            3. For puchase of New Equipment

Allocation of Revenue   In Service Department of Hospital    is   described as post service float

summary   : As   budeget is fixed for whole years &    Revenue are allocated   on dalay basi based on daily operation   which   can be described as   post service float


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