The Chief Financial Officer (CFO) of the hospital has asked for assistance. The CFO wants to create a document for new employees that explains financial information and the way it is used to evaluate a health care organization. You are being asked to explain important concepts regarding the use of financial information.
Using the information found in Ch. 7, “Fraud, Internal Control, and Cash,” and Ch. 9, “Reporting and Analyzing Long-Lived Assets,” of Accounting, respond to each question in the “Requireed Elements” column in the Financial Information Table below.
Thoroughly answer each question in your own words and provide a 100-word response for each question. This means the total word count for this assignment is 1,000 words.
Cite at least 3 scholarly sources to support the answers to the questions.
Format your citations and references according to APA guidelines.
Financial Information Table
Required Elements Response
How is financial information used to operate a health care organization on a day-to-day basis? Insert your response here.
What are the 3 factors of computing depreciation? Provide 1 example for each. Insert your response here.
What are 2 different types of depreciation? Insert your response here.
What is sustainable income? Provide 1 example. Insert your response here.
What is meant by discontinued operations? Provide 1 example. Insert your response here.
What is meant by comprehensive income? Provide 1 example. Insert your response here.
What are alternative accounting methods? Provide 1 example. Insert your response here.
What is pro forma income? What is its purpose? Insert your response here.
What are the 3 basic tools for financial statement analysis? Explain each. Insert your response here.
erational management, which can be achieved by the following: – Practice work in a good way away from personal interests. – Act effectively against individuals who exceed their borders. – Immediate investigation of the abuse of senior management. – The development of mechanisms to penalize executives and the members of the Governing Council. 6. Justice: Must consider the rights of various groups of stakeholders in the company, and can be achieved through: – The fair treatment of minority shareholders by the majority. – The right of all shareholders in the invitation to the meetings of the General Assembly. – Fair compensation for the members of the Governing Council. – The protection of the rights of shareholders and give them the right to veto when the abuse of their rights is happened – Participation in the appointment of directors and in decision-making. 7. Social Awareness: including the following: – The existence of a clear policy confirming moral conduct code. – The existence of a recruitment policy is clear and fair. – The existence of a clear policy on environmental liability. Application of a framework to a group of 20 countries , found that companies with high governance had excellent performance and grossed the highest revenue in similar companies (Azeddine Fikri Touhani-2006). The access to good governance must be as follows (Farouq Gomaa Abdel-2005) : 1. Emphasize that there are standards of quality principles of governance. 2. The implementation of the tasks and activities planned effectively and efficiently. 3. Follow-up with internal controls include: – Internal audit of the management of the independent companies. – The organizational structure of the codified form specifies the overlapping relations to achieve the goal of internal audit is required. – Use qualified persons with good reputations. – Sound policies and measures of internal auditing. 4. External audit in cooperation with the Committee for the review and risk management. 5. Financial control of governmental bodies 6. Promote the importance of the tools of good governance and the law of the dealing with all its aspects and how they are implemented 2.1.9. The Stages of Corporate Governance The application of governance rises in gradual stages, in accordance with the degree of absorption in society. The most important stages forming the infrastructure of good governance are as follows ( Muhsin Ahmad Al Khodairi-2008): The first stage: the definition phase of corporate governance and favorable public opinion and carrier-grade: At this stage to clarify the aspects of governance and determine the dimensions and concepts landmarks, as is clarified their curricula, and theories, and tools, and tools, what is important in this stage briefing individuals in all aspects and dimensions of the concept of governance, and then form an opinion in a pro and supported governance. Second stage: the phase of building the infrastructure and governance: A strong infrastructure is required for Governance to be capable of interaction with variables and updates. The basic structure is an important element and for the building of governance. The third stage: the development of a standard program record time of governance : Requires the application of governance and a specific timetable of work and duties and to follow up on the progress of implementation and governance, and to identify any obstacles preventing the full implementation of the provisions of the governance, leading to the proper implementation of governance. The fourth stage: the implementation and application of governance: Perform tests to measure the extent of readiness and desire of all parties in the application of Governance. The Governance freedoms practiced in return where restrictions and control of the i>GET ANSWER