Financial accounting involves identifying, measuring, recording, and communicating in dollar terms the economic events and status...

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Finance

Financial accounting involves identifying, measuring, recording,and communicating in dollar terms the economic events and status ofan organization. This is typically done through the use of 3financial statements. These 3 statements are used to summarize theorganization's financial status and performance. This is key to thesurvival of most healthcare organizations today. We have to knowhow much money we made and how much we spent. List the 3 financialstatements used in financial accounting. Discuss the importance ofthese financial statements. Why do we use these? Who are the usersof this information? Discuss how a healthcare manager might useeach one. In your opinion, do you feel that one is more importantthan another? Why or why not? What would happen if we didn't havethese types of tools?

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A The three statements used in financial accounting are Profit and Loss Statement Income Statement Balance Sheet Cash Flow Statement B C The importance and uses of these statements are as follows 1 Income Statement It helps a company understand the amount of revenue generated the amount of See Answer

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