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Research generally accepted accounting principles

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Research GAAP and hospital financial reporting. Address all of the following prompts thoroughly.

1. Research the Generally Accepted Accounting Principles as they apply to health care organization accounting.

2. What legally requires a hospital to adhering to GAAP? Why is GAAP-compliant accounting recommended for hospitals that are not legally required?

3. Compare and discuss the cash-based and accrual-based accounting methods. Which do you believe to be the better method for hospitals and why?

4. Name at least two different financial statements that health care organizations must compile and report. Describe the purpose of each financial statement. Be sure to mention the reporting cadence of these reports.

5. Explain why each of the different statements is particularly useful; what information is each one best suited to showcase?

Reference no: EM133463090

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