Financial Management discussion

You must explain the importance of cost accounting to the CEO. But before you do that you also must explain how costs are classified, allocated, and assembled. Discuss ONE of the following questions:

a) Explain managerial accounting and why it is important to the health services manager.

b) Explain financial accounting and why it is important to the health services manager.

c) Identify ONE method of assembling costs and provide an example of how you would

approach this.

d) Identify ONE method of classifying costs, describe and provide an example.

e) Identify ONE method to determine your product costs and explain how accurate and

how relevant it is in today’s environment

f) Identify ONE method of allocating costs and an advantage and disadvantage of that approach

g) Define fixed cost and provide an example of a fixed cost in a healthcare setting.

h) Define variable cost and provide an example of a variable cost in a healthcare setting.

 

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