Currie Hospital

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Submitted By aspatt1
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Currie Hospital for December 2008ANNUAL REPORTINCOME STATEMENT | | REVENUE | | | Net assets released from temporarily-restricted accounts for operations | | $120,000 | Net patient service revenue | | 840,000 | Total Revenue | | 960,000 | EXPENSES | | | Labor expenses | $260,000 | | Supply expenses | 88,000 | | Administration expenses | 80,000 | | Depreciation expenses | 50,000 | | Bad debt expenses | 40,000 | | Interest expenses | 12,000 | | Transfers to parent corporation | 10,000 | | Total Operating Expenses | | $540,000 | NET INCOME LOSS/GAIN | | $420,000 |
Explain the difference between the accrual basis of accounting and the cash basis of accounting
All financial transactions events are based on cash basis. This applies to all incoming receipts or outgoing payments or outflows of an enterprise. Cash based accounting measures the difference in cash recipes and cash disbursements during a reporting period.
Accrual accounting measures a companies accomplishments and resources used during the period, regardless of when cash is received or paid. Accrual basis accounting is the method of accounting that most businesses and professionals are required to use by law.
What are some ways in which accounting for healthcare organizations (HCOs), especially not-for-profit (NFP) ones, tends to differ from accounting in other industries?
Most of the funding or assets are coming from the community, outside government entities, and third party contributors. Dealing with the government requires checking with compliance and reporting in regularly to ensure that you are following rules and regulations.
There are no residual ownership claims with Non-profit organizations. After all liabilities have been resolved they become ownership of the state.…...

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