Describe the relevance of financial reporting in a health

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Reference no: EM133933002 , Length: Word Count:1100

Health Finance, Economics and Accounting

Outcome 1: Appraise the funding models and core concepts of economics, financial and managerial accounting in the Australian health sector.

Outcome 2: Evaluate the use of techniques of economics, financial and managerial accounting for cost efficient and effective managerial decisions in health.

Outcome 3: Compare public and private funding issues across the acute, primary and aged care sectors.

Task Description

Short answer assessments are designed to allow critical discussion of key concepts introduced in the unit and readings.
Short Answer Assessment Question 1.2

The concepts of a quality characteristic of financial reporting i.e., faithful representation (accounting information is not misleading), an accounting assumption i.e., accrual basis and management of accounting elements (e.g., expenses and revenue) are critical components of financial reporting in organisations. Accordingly, this assessment requires you to submit a short answer, covering the following sections:

Section 1. Introduction: (Approx. 350 words)
Describe the relevance of financial reporting in a health or social care organisation in Australia. This includes identifying purpose of the set of financial statements and notes to the statements usually included in annual financial reporting. Moreover, outline how the purpose of these statements is aligned to the day-to-day activities of a health or social care organisation. Get top-notch online assignment help.

Section 2.1: Explain the concepts of faithful representation and accrual basis accounting. Elaborate how these concepts can be applied to enhance quality of financial reporting in a health or social organisation in Australia. (Approx. 300 words).

Section 2.2: Explain ONE major expense and ONE major revenue in a health or social organisation in Australia. Provide example of how movement in this expense and revenue can be influenced by business activities and are recorded in specific financial statements. (Approx. 300 words)

Section 3: Comparison of practices
Discuss whether application of concepts discussed in section 2.1 and management of the expense and revenue discussed in section 2.2 could be any different between public or private health or social organisations in Australia. (Approx. 150 words)

Reference no: EM133933002

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