Sunday, February 23, 2020

Accrual and Modified Accrual Basis of Accounting Essay

Accrual and Modified Accrual Basis of Accounting - Essay Example It recognizes noncash business engagements that include accruals, deferrals, and amortizations. This accounting basis recognizes expenditures rather than expenses (Ruppel, 2013). It recognizes revenues during the periods in which they are prone to accrual that implies their measurability and availability. Modified accrual accounting requires that incurred expenditures be recognized in the period in which their related transactions occurred (Ruppel, 2010). On the other hand, revenues are only available if they can be collectible within the current period (Wiley Cpa Exam Review 2013, Financial Accounting and Reporting, 2012). Once cash has been spent, the expenditures become measurable thereafter. A comprehensive annual financial report has three sections: the introductory segment, financial section and the section with statistical data (Ruppel, 2010). The introductory section entails the transmittal letter, while the financial section comprises a number of aspects that include the independent auditor’s report, schedules, financial statements, notes regarding financial statements, management views and analysis and the required supplementary information (Ruppel, 2010). The statistical section entails additional information relating to finances, economy, and

Thursday, February 6, 2020

Capital budget purchase Term Paper Example | Topics and Well Written Essays - 1000 words

Capital budget purchase - Term Paper Example This item was prioritized for the broader benefits that it will bring to my department. The item is specially designed for easy operation for hospital caregivers to help them keep and manage the patients’ health records. For our surgical department services to be more efficient in accessing the patient’s records remotely and attend to the patients’ need effectively, this equipment will highly be required. Therefore, my choice for this equipment is founded on the basis that much efficiency will be derived from its use in order to improve the department’s service delivery ability (Eric, Paul, Anita, David, Kathleen, & Elizabeth, 2011). The estimated cost for the equipment is about $5,100, but the resulting improvement in patient care of the department will be much higher than this. Managerial Goals Productivity: The decision to purchase this equipment will increase productivity and service delivery whereby care givers and surgeons in charge will be able to a ccess the patients’ charts remotely, they will be able to be alerted to attend to medical error and even be reminded to provide preventive care to their patients, hence high productivity is expected to result from the equipment purchase. Productivity will also result when the caregivers will not be expected to be around their patients throughout, and can only respond to their needs when alerted by the equipment, hence giving them time to attend to other duties. Quality: this equipment will enhance quality service delivery as most of the records will be automated and even in situations where the caregivers could have forgotten, they will be reminded by the device. Development: As a manager, by making this purchase, I will be ensuring that I bring new development to my staff and department as a whole. For the development to occur there must be a positive growth. And this technology is directed towards realizing this positive growth. Employee Support: this equipment, given its h igh efficiency level, will provide a lot of support to the employees as it is able to perform several things that could have been performed by the employees, effectively. Employees will therefore find their work much easier in providing care to their patients than when they use the manual records system. Economic Environment Enhancement There are various duties performed by this new electronic health record, which could otherwise be performed by the hospital employees. These include accessing the patients’ charts, attending to critical lab values, alert to potential medical error, provision of preventive care, identifying lab needed tests among others. The electronic health record system makes these duties easier to perform, as it automatically detects the required service and alert the person concerned to attend to the patient. This system when applied, will reduce cost of employing several employees since there will be no need to hire several caregivers when several of thei r duties can be performed by the electronic health record. As this cost is reduced, the department can divert this cost to other areas that really require much funding. Therefore, economically, this equipment can help my department save a lot of cost and enhance other areas with the same cost. Organizational Goals Patient Care: As it is in the goals of the organization to give the best care to the patients in an effort to