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Question: Cost accounting is one of the most challenging areas in accounting to understand. "A cost accounting system is a system for recording, analyzing and allocating cost to the individual services provided to patients (e.g., medications, procedures, tests, room, and board) (Becker's Hospital Review, 2014). The healthcare industry has been working toward the goal of correlating cost with quality. Read Porter, M. E., & Lee, T. H. (2016). From volume to value in health care: the work begins. Jama, Discuss how healthcare providers and patients can benefit when cost is correlated with the quality of healthcare services.
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