Description
6-8 slides with speaker notes
As the Director of Accounting, you have been tasked with briefing during the new employee's orientation on the principles of accounting and how these apply to your hospital. In addressing the principles of accounting, you are concerned with both sets of accounting information--financial and managerial. Managerial accounting has no formally adopted set of principles it relies strongly on financial accounting principles. Understanding the principles and basics of financial accounting is critical to understanding both financial and managerial accounting information.
- Address the regulations around safeguarding financial information to prevent fraudulent activity.
- Identify and explain the five (5) principles of accounting and how they apply to the financial statements specific to your healthcare institution.
Explanation & Answer
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Financial Information Use
Introduction
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Financial information is the information and details used in any business transaction and financial activities, this is to help in the progress of any business, which
should be carefully handled to ensure security of the customer information or avoiding the improper use of the information.
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The information is normally used by external users such as creditors and investors, this is more important in decision making to the internal users for example the
operational and the management managers.
Regulations around safeguarding financial information.
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There are rules that managers use in the safeguarding of the financial information in any financial institution. In which all financial institutions must protect any
information they get from their customers and they have to take steps to comply with the rules.
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There is different information that can be collected from customers or individuals concerning their financial information, these are numbers of their credit card
account and their bank numbers.
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The safeguarding of the financial information requires any financial institution or companies are required to address and asses the risks that may be found of
attacking a customers’ information in all areas of operation.
Regulations around safeguarding financial information.
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Based on different nature of business operations, financial firms should implement practices such as training and the management of the employees, which will
enhance the success of the plan of information security which mostly depends on the employees who are used to implement the plan...
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