3. Why do you consider it necessary to include within the additional notes to the financial...
3. Why do you consider it necessary to include within the additional notes to the financial statements the existing legal demands in which the medical entity is involved?
Homework Answers
Relevant medical authority can raise demand in many cases like overpricing of drugs,unreasonable benefit earned by entity.This required to be included in additional notes to financial statements of medical entity for the purpose of providing information to present and potential investors regarding liabilities which can arise in future against entity.This helps the shareholders to make decisions regarding investment.
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3. Why do you consider it necessary to include within the
additional notes to the financial...
QUESTION 16 The financial information included within the financial statements reflects only the financial performance of...
QUESTION 16 The financial information included within the financial statements reflects only the financial performance of the entity as determined by applying the guidance and rules incorporated within the Conceptual Framework and within applicable accounting standards: they do not provide a means of assessing the performance of the entity. legal technological social or environmental political QUESTION 17 Which of the following are considered in the AASB Framework as primary qualitative characteristics? Relevance, faithful representation, materiality and comparability Relevance, faithful representation,...
QUESTION 17 The financial information included within the financial statements reflects only the financial performance of...
QUESTION 17 The financial information included within the financial statements reflects only the financial performance of the entity as determined by applying the guidance and rules incorporated within the Conceptual Framework and within applicable accounting standards: they do not provide a means of assessing the performance of the entity. legal O technological O social or environmental O political QUESTION 18 Which among the following is not a current value measurement? Fair value Value in use for assets) or fulfilment value...
PR-A3 Explain why non-reporting entities must prepare financial statements. Include in your response: i. General purpose...
PR-A3 Explain why non-reporting entities must prepare financial statements. Include in your response: i. General purpose for preparing financial statements ii. Legal obligations of businesses in relation to preparing financial statements i. General purpose for preparing financial statements ii. Legal obligations of businesses in relation to preparing financial statements. Include the specific act or legislation you referred to.
consider the steps in the accounting cycle. In what order do you think the financial statements should be produced? Does...
consider the steps in the accounting cycle. In what order do you think the financial statements should be produced? Does it make more sense to produce the statements in which the closing entries are completed after the income statement? Why or why not?
Consider why scribes are being used within the healthcare system. In this discussion you will consider...
Consider why scribes are being used within the healthcare system. In this discussion you will consider how the patient might feel with a scribe in the room. From a patient’s point of view, discuss how you would feel about a third person being in the room when you are speaking with your doctor. What can the medical practice do to help patients become accustomed to scribes? What can a doctor and scribe do to reassure the patient? Is there ever...
1. What information should an investor be able to find within the financial statements and why...
1. What information should an investor be able to find within the financial statements and why is is important that they be reviewed by a third party? 2. Firms speak of the use of Generally Accepted Accounting Principles (GAAP). Why is this approach important and who assures that it is followed? (There are several parties involved) 3. What is accrual accounting and how does it differ from cash based accounting? 4. What information does the balance sheet contain as compared...
Which of the following statements about the financial planning process is correct? The additional funds needed...
Which of the following statements about the financial planning process is correct? The additional funds needed (AFN) is estimated by summing the expected changes in assets and liabilities that fluctuate with sales and then subtracting the expected operating income. The projected balance sheet method requires only the balance sheet to determine a firm's expected financial needs. The decision as to how a firm should raise additional funds needed (AFN) to meet its financial goals depends on the ability of the...
AU Section 316 requires auditors to consider fraud in the financial statement audit. Research this section...
AU Section 316 requires auditors to consider fraud in the financial statement audit. Research this section of the AICPAs standards and discuss some of the activities you would implement in your audit of a publicly traded company to document your audit teams consideration of fraud in the clients financial statements. In your discussion, include who would be involved in the brainstorming session and why.
In the lectures notes and class materials, we have studied the concept of risk and return...
In the lectures notes and class materials, we have studied the concept of risk and return - so we know the fundamentals. To assume additional risk, investors will require the opportunity to receive additional return. Additionally, some investors by nature are more risk averse than others - this is what drives financial markets. Let's assume that you have just inherited an unexpected large sum of $100,000 for which you have no pressing financial demands and which you decided to invest...
How do you standardize statements of financial position and statements of comprehensive income and why is...
How do you standardize statements of financial position and statements of comprehensive income and why is standardization useful?
QUESTION 16 The financial information included within the financial statements reflects only the financial performance of the entity as determined by applying the guidance and rules incorporated within the Conceptual Framework and within applicable accounting standards: they do not provide a means of assessing the performance of the entity. legal technological social or environmental political QUESTION 17 Which of the following are considered in the AASB Framework as primary qualitative characteristics? Relevance, faithful representation, materiality and comparability Relevance, faithful representation,...
QUESTION 17 The financial information included within the financial statements reflects only the financial performance of the entity as determined by applying the guidance and rules incorporated within the Conceptual Framework and within applicable accounting standards: they do not provide a means of assessing the performance of the entity. legal O technological O social or environmental O political QUESTION 18 Which among the following is not a current value measurement? Fair value Value in use for assets) or fulfilment value...
PR-A3 Explain why non-reporting entities must prepare financial statements. Include in your response: i. General purpose for preparing financial statements ii. Legal obligations of businesses in relation to preparing financial statements i. General purpose for preparing financial statements ii. Legal obligations of businesses in relation to preparing financial statements. Include the specific act or legislation you referred to.
In the lectures notes and class materials, we have studied the concept of risk and return - so we know the fundamentals. To assume additional risk, investors will require the opportunity to receive additional return. Additionally, some investors by nature are more risk averse than others - this is what drives financial markets. Let's assume that you have just inherited an unexpected large sum of $100,000 for which you have no pressing financial demands and which you decided to invest...
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