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Health Care 2 Pages

Determining Financial Viability

Question

Write a short paper (500-750 words) that explains the relationship between finance and accounting, and how they operate to determine financial viability within a health care organization

Solution

Title: Determining Financial Viability
Length: 2 pages (550 Words)
Style: APA

Preview

Determining Financial Viability

Finance and accounting are different theorems that are used in different organizations to achieve a common goal. On their definitions, finance is the concept of allocating resources in an organization under the given conditions and time. Accounting is the effort processing, communicating, and measuring of information regarding the financial matters of an economic entity (Needles & Powers, 2013). Therefore, this research paper aims at explaining the relationship of using the finance and accounting terminologies. The paper also aims at discussing the way finance and accounting operates to determine the financial viability in a healthcare setting.

Both finance and accounting are involved in the financial aspects in almost every needs of a health care facility, although the staffs in various departments deal with finances on their own ways to achieve the economic viability in the institution. The main objective of accounting in the healthcare setting is to ensure the financial records are prepared and examined to ensure the accuracy of the information kept for future retrieval. It also ensures the taxes are timely and properly paid for efficient operational flow of activities. The finance theorem helps the institutions in making financial decisions or strategies that are important in planning the short term and long term financial goals (Nowicki, 2008).

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