NURS 6211 Foundational Accounting Concepts and Financial Statements Week 3 Essay Assignment

Get nursing research writing help on NURS 6211 Foundational Accounting Concepts and Financial Statements Week 3 Essay Assignment

NURS 6211 Foundational Accounting Concepts and Financial Statements Week 3 Essay Assignment

NURS 6211: Finance and Economics in Health Care Delivery | Week 3

It is a typical day at Greenwood Hospital in upstate New York. A nurse enters the supply closet and takes out some bandages to replace old ones on a patient who was admitted from the surgical ward several hours ago. This is a simple event that happens thousands of times a day in thousands of hospitals, but have you ever stopped to consider how that task is reflected in the accounting records of the organization? How is money allocated to restock the supplies? How is the organization reimbursed for the cost of those bandages?

This week, you are introduced to basic accounting concepts that impact daily operations within health care organizations.

Learning Objectives

Students will:

• Distinguish between accrual accounting and cash accounting
• Analyze the role of cash in organizations
• Apply basic financial calculations using information found on an income sheet and balance statement

Discussion: Foundational Accounting Concepts

Although it is important to be familiar with foundational accounting concepts and to understand how they are calculated, it is equally important to recognize how the information from these calculations fits into the larger picture of daily actions in hospitals. Consider the simple task of taking patients their dinner trays. Think of all of the different costs that are involved. The dietitian must be paid, as well as the food handlers. The food has to be purchased as well as the trays and utensils. Trays must be delivered, picked up, and cleaned. A cost is incurred at each stage.

In this Discussion, you consider how the costs of the daily tasks performed by nurses are accounted for and impact cash flow.

To prepare:

• Review this week’s Learning Resources focusing on the difference between accrual accounting and cash accounting. Conduct additional research as needed until you are confident that you grasp the distinction between the two approaches.
• Consider why you would select one approach over the other and the effect it would have on financial decision making. Determine how you could explain these concepts to someone not familiar with accounting.
• Select a task you might perform daily, or an item that you might use daily in the workplace, and determine where the cost should appear on a balance sheet.
• Reflect on the role of cash in the financial operations of an organization. How could cash flow issues impact your own organization (or one with which you are familiar)?

By Day 3

Post an explanation of the difference between accrual accounting and cash accounting, and when each might be used. Then, describe a task you might perform or an item you might use daily, and explain where the cost should appear on a balance sheet, and why. Finally, assess how cash flow issues could impact your own organization (or one with which you are familiar).

Read a selection of your colleagues’ responses.

By Day 6

Respond to at least two of your colleagues on two different days using one or more of the following approaches:

• Ask a probing question, substantiated with additional background information, evidence or research.
• Share an insight from having read your colleagues’ postings, synthesizing the information to provide new perspectives.
• Validate an idea with your own experience and additional research.
• Expand on your colleagues’ postings by providing additional insights or contrasting perspectives based on readings and evidence.

Assignment: Application: Basic Financial Calculations

Before you learned algebra, you first had to learn basic addition, subtraction, multiplication, and division. Similarly, before you can fully understand the finances of a health care organization, you first need to be able to apply basic financial calculations used in almost all domains of accounting. A firm grasp of these accounting concepts will better enable you to confidently make budgetary and resource decisions. In this Assignment, you complete calculations that will familiarize you with some of the necessary basic accounting concepts.

Based on the information and financial statements below, calculate the following financial ratios in an Excel Spreadsheet:

• • Current Ratio

= Total Current Assets / Total Current Liabilities

• • Days of Cash on Hand

= Cash / (Total Operating Expense / 365 days)

• • Age of Accounts Receivable

= Accounts Receivable / (Net Patient Service Revenue / 365)

• • Age of Physical Plant

= Accumulated Depreciation / Depreciation Expense

• • Debt to Equity Ratio

= [Long Term] Debt / Net Assets

• • Debt to Assets Ratio

= [Long Term] Debt / Total Assets

• • Collection Rate

= Net Patient Service Revenue / Gross Patient Service Revenue

• • Operating Margin Ratio

= Gain or (Loss) from Operations / Net Patient Service Revenue

Note: For those Assignments in this course that require you to perform calculations you must:

• Use the ‘Week 3 Application Assignment Template’ from your Learning Resources
• Show all your calculations and formulas in the spreadsheet

The time to relieve your academic stress is now. Never again should you struggle with your pressing nursing assignments when the best Nursing Research Writers got you covered. Our top Nursing Research Writers writing service got your back!

If you need help with your nursing paper, We are your ultimate nursing assignment writing helper. Our professional nursing writers are always ready to tackle even the hardest of nursing papers. Get in touch. Order today and Always.
Best site that aces nursing papers and the best place to get nursing papers done.

Our professional writers are well experienced in writing nursing papers and are thereby able to tackle any topic around Nursing, Biochemistry, Biology, Chemistry, Pedagogy, Gynecological, Medicine & Health, Healthcare, Nutrition, or Pharmacology.

We guarantee customer satisfaction to all our clients.

Let our professional nursing essay writers be there for you. Our top Nursing Research Writers writing service comprises 100% Plagiarism-Free Papers, On-Time Delivery, 24/7 Support, and Full Confidentiality.

Get nursing research writing help on NURS 6211 Foundational Accounting Concepts and Financial Statements Week 3 Essay Assignment

Factors that make us special:

• We handle assignments for all nursing courses. So, don’t worry about the topic of the essay you want, we are ready to help you with your assignment regardless of the course or topic.
• Our writers read, understand, and follow one by one, the instructions provided to deliver the most accurate essays. We offer the correct form and style of essays.
• You can be sure the paper will have proper references based on the type of citation style you choose.
• You can always work with the same writer you liked. You can include the writer’s ID in the order form and we will ensure your expectations are met. We have writers who are experienced in all areas of study.
• Affordable services. Relax! we are not expensive, by the way, our prices are fair for the writers, but affordable to you as a customer. We will offer you a discount to try our services. Become part of our loyalty discount program by coming back for more and more services.
• We have a very flexible pricing system. The good news is that we let you choose from five quality levels, from High School to Ph.D. We also let you choose from different deadlines, from 5/6 hours to 20 days.