StudentShare solutions
Triangle menu

Financial Management and Accounting - Essay Example

Free

Extract of sample
Financial Management and Accounting

69). Such facilities are licensed under state regulatory bodies with approval of either Medicare or Medicaid, or both of them, and can be a simple facility or a complex one under corporate management. The facility’s main purpose is to offer care services to people who cannot maintain sufficient self-care at home, such as the physically challenged, those who are mentally incapacitated and individuals with other forms of disabilities. It, as a result, offers services such as “personal care” and “intensive skilled care” with medical supervision (Evashwick, 2005). Sources of Revenues for the Type of Organization Sources of revenue for nursing homes can be grouped into two categories: private sector financing and public sector financing. “Private financing” and “out of pocket” form the major sources of private sector revenues to nursing homes followed by funds from private insurance companies (W. Cleverley, J. Cleverley, & Song, 2010, p. 269). Direct public funding and Medicaid, however, form the major source of nursing homes’ revenues from public funds. Medicare follows these. Insurance companies are the identified third party payers in nursing homes’ revenues while the other sources are “privity” parties acting as beneficiaries – direct or indirect owners of the facilities (W. Cleverley, J. ...
This is achieved through financial statements such as income and expenditure accounts, receipt and payment accounts and balance sheets. The record keeping role of financial statement also serves the

Related Essays

Management and financial accounting
Its headquarters are in South Wales but, it is growing nationally with Jeff (owner) as the sales and marketing personnel and Evans (employee) as the financial manager. The company is expanding further to form newer departments in the organizational structure like HR, Customer Service etc
2 pages (500 words) Essay
Financial Management and Accounting
The wide range of institutions included in this particular health care organization means that there are diverse sources of funding. But, nonetheless, the entire organization is privately funded and operates within a conventional framework of raising revenues.
3 pages (750 words) Essay
Management accounting and financial accounting
The expert accounting conception and scientific accounting dexterity regarding measurement of performance, analysis, auditing and final reporting are as well pertinent to the supervision of healthy and sustainable ecological performance. With the increased international community's recognition of the ecological concerns, so has there been a simultaneously increased demand on accountants to provide comprehensive ecological costs and information on performance.
12 pages (3000 words) Essay
Management accounting - financial reporting
To support such changes, companies have altered their management accounting practices to adapt to the ever changing environment. There is sufficient research done by the authors discussed in this work, to support such a statement.
12 pages (3000 words) Essay
Financial & Management Accounting
This aspect of accounting concerns itself with learning about the effect an organisation has on society and about its relationships with an entire range of stakeholders to whom it is accountable. These would include all those groups who affect and/or are affected by the organisation and its activities.
19 pages (4750 words) Essay
Financial accounting, management
Financial accounting deals with financial information to the people outside the organization, whereas managerial accounting prepares financial accounts for the people inside it (Differences Among Accounting, Finance, and Economics 2006). Finance, on the other hand, is the discipline dealing with the allocation, management and usage of "monetary resources over time" (Finance 2006).
2 pages (500 words) Essay
Management and Financial Accounting
Management Accounting is also useful for preparing the accounts for the non management group such as shareholders, tax authorities and regulatory agencies. This also includes of preparing the Formulation of plans and budgets which will be converted into financial accounts.
6 pages (1500 words) Essay
Accounting and Financial management
The second section, Appendix A, includes as a reference contains the actual financial ratios, showing the company’s performance from 2000 to 2005. Using these appendices
6 pages (1500 words) Essay
Management accounting and financial accounting
hat it serves as a powerful tool for decision making of operational, strategic, performance, forecasting, measurement as well as other factors that together represent the composition of a business. The coaxial relationship of the opposite ends of the accounting practice is
11 pages (2750 words) Essay
Financial and Management Accounting
Accountancy data are prepared for people who are not involved in day to day running of businesses and institutions. It is the summarization of the
6 pages (1500 words) Essay
stewardship purpose by showing how the organization’s financial resources are used and safeguarded. Financial information is also used to determine the organization’s efficiency in management besides evaluation of effectiveness in application of financial resources. These two applications are achievable through ratio analysis of financial statements. Another important application of financial information is evaluation of a nursing home’s compliance with its budgets and financial policies (W. Cleverley, J. Cleverley, & Song, 2005). Financial information is also used in forecasting cash flow of the organization. Based on past trends, timely flows of financial resources can be predicted for budgeting and “decision-making” (Banerjee, n.d.). Users of financial information of a nursing home facility are either internal or external ones. External users are primarily financers and creditors. Financers are parties that supply the organization with finances and require financial information to know how their money is spent, as well as possible needs for further funding. Creditors, however, refer to the organization’s credit suppliers or lenders who need the financial information to determine the organization’s abilities to meet financial obligations when such obligations become due. Other external users of the financial information include “employees, financial analysts, advisers and regulatory authorities,” among others (Nikolai, Bazley, & Jones, 2009, p. 6). The facility’s managers are the major internal users of financial information. They widely use

Summary

Financial Management and Accounting Accounting refers to the recording, organization, analysis, and communication of an organization’s financial information. Financial management, however, defines control of an organization’s financial resources through planning and monitoring of the finance application…
Author : johnssantiago
Financial Management and Accounting essay example
Read Text Preview
Comments (0)
Rate this paper:
Thank you! Your comment has been sent and will be posted after moderation