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Business Finance

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Accounting exer 1. (a) What is the purpose of a Statement of Financial Position? (b) Suggest an alternative name(s) for a Statement of Financial Position. (a) Why is it essential that the business name and date are included in the Statement of Financial Position heading? 2. Prepare a Statement of Financial Position from the information given below about the business of Phil Collins at 31st May this year. The amount of his capital has been omitted so you will need to calculate and include it. Freehold land and buildings Trade payables Inventory of merchandise and materials Amount owing for telephone account Receivables Bank balance (positive – i.e. not overdrawn) Furniture and equipment Capital RM 60,000 34,000 46,200 600 9,000 7,400 12,000 ? On the basis of the Statement of Financial Position figures, what do you think is the main problem facing the business?
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Healthcare financial
management

Objectives


Describe different forms of business organizations and
ownership



Describe the basic concepts of financial accounting



Describe the components of an income statement (IS):
revenues, expenses, and net income



Explain the relationships within and between the IS
components



Describe a Balance sheet and it’s formula and entries

Forms of healthcare organizations and
ownership




For profit organizations or investor owned corporations


Investors are owners by owning shares



Company earnings are paid to shareholders (stockholders) as dividends depending
on number of shares owned



E.g. Evans Sunrise Nursing home

Not-for-profit including faith based organizations (FBOs)


These entities like FP can only sustain themselves by making profits.



They are however exempt from taxation since earning are not distributed among
the stakeholders but reinvested in the company. No dividends are paid out



The public gain overrides private gain



E.g. The Aga Khan Hospitals, Mater Misericordia, Nairobi Hospital, War Memorial
hospital etc.

Ownership legal entities
Source: Gapenski






Sole proprietorship


E.g. an individually owned medical p...


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