Determining Financial Viability

Olga Jimenez HCA 240 determining financial viability essay Olga Jimenez HCA-240 August 18, 2020 Mrs. Sharon Ingram Determining Financial Viability According, to the General Principles of Accounting there are five principles are Accounting entity, Money measurements, Duality, Cost Valuation, Stable monetary unit. Account entity where financial information is recorded and reported. However, money measurements face problems in economic resources. Some examples of scare are supplies, buildings, equipment, money, and money claims. Duality is an important fundamental in accounting all balances must equal the value of liabilities and residual interest which is called assets ( assets = liabilities + net assets). Cost Valuation is there to guide where the cost basis is being used. While Stable monetary does not bring problems to inflation (Cleverley, Song & Cleverley, 2011). Differences in finance, accounting, and financial reporting and working together to meet financial viability. Meeting financial auditing requirements of Centers for Medicare and Medicaid Services. Some of the differences between accounting and finance are they both focused on the flow of money and finding ways to make it grow for the company or institution they are working for. While finance is “broader term for the management of assets and liabilities and the planning of future growth” (Josephson, 2019, para. 2). The financial department's responsibilities are to collect credit and collection policies. They need to be aware when there is a need for cash to guide the finance team to the sources. Accounting is focused on reporting in compliance with the laws and the standards. While financial reporting structures keep records transaction set with codes. They manage the financial business, support audits, and the control of financial