Fiscal management

41問 • 1年前

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A way financial information is accumulated (recorded) for its sub classifications of assets, liabilities, owner’s equity, revenue and expenses

Account

A systematic way of keeping track of financial activities and their results to guide decision-making

Accounting

resources owned by an organization that can be used to benefit future operations. Something owned that has value

asset

A claim to the assets by the owner.

Equity

A debt to be paid

Debit

the resources used to generate avenue

expenses

the current and non-current financial debtsthe current and non-current financial debts

liabilities

AKA Business management

Fiscal management

This provides direct and indirectly realistic look at all the aspect of all the department

Fiscal management

Involves planning, monitoring, and control of financial resources within an organization or government to ensure efficiency, sustainability, and compliance with fiscal policies and objectives

Fiscal management

The knowledge necessary for fiscal mix, include

understanding of applied logic and mathematics, summary data and statistics, economics, business administration, organization theory

Skills in fiscal mix can be learned through

Guide for trial and error experiences, In-service education, Formal education, Combination

An examination by an independent 3rd party of the financial statements of a company that results in the production of an independent opinion on whether or not those financial statements are relevant, accurate, compete, and fairly presented

Audit

Goal of audit is to provide insights and recommendations to help the organization run better and achieve its goals

True

Includes the theories, methods, and procedure for identifying, accumulating, measuring, and reporting the cost of obtaining or providing something specific

Cost accounting

Every item must be identified or accounted, and the value of the said item must be established

Cost accounting

It doesn't matter how the material is acquired - may it be through donation, gifts, purchase with hard cash, etc. - must be identified

Cost accounting

Charts of account may differ, for it is dependent on the facility’s size and complexity

True

The foundation of for accounting information systems within an organization and serves as the nucleus for the development of standard financial statements

Charts of account

Accounting system to be effective, it must have the necessary components and organization to accurately accumulate, communicate and interpret historical, current, and project quantitative data relating to a specific activity

Charts of account

Basic accounting method for organizing data

Charts of account

Are educated estimate of future needs within a specific time frame, based upon past records, personnel experience, knowledge, and project planning

Budget

financial statement of the estimated income and expenditures for an organization or an aspect of the organization, covering a specified future period of time.

budget

Includes the operational, capital and cash flow budgets

Master budget

contains all the budget of all departments in a facility

master budget

are expenses that are directly incurred such as salary/wages and supplies

direct expenses

are those expenses that are incurred by the facility as a whole to support all dept. and is shared by all the dept.

indirect expenses

Types of indirect expenses

Fixed, Variable

Once a physical therapy administrator understands how to track costs, they can use this knowledge to analyze every part of the department and help make decisions. They can give a clear, no-nonsense view of finances. A key way to use cost tracking is to plan how they'll spend money in the coming year

Application

Supplies specifically used for patient treatment, like bandages or therapeutic equipment

Direct expenses

Salaries and wages of therapists directly involved in patient care

Direct expenses

Costs of diagnostic tests or medical equipment used exclusively for patient treatment

Direct expenses

Fees paid to external consultants or specialist for patient evaluations or treatmentsFees paid to external consultants or specialist for patient evaluations or treatments

Direcr expenses

Administrative salaries and wages for staff not directly involved in patient care, such as receptionists or billing specialistsAdministrative salaries and wages for staff not directly involved in patient care, such as receptionists or billing specialists

Indirect expenses

Facility rent or lease payments

Indirect expenses

Utilities, such as electricity, water, and eating, for the entire facility

Indirect expenses

General office supplies used throughout the department

Indirect expenses

Maintenance and repairs for the facility or equipment not directly related to patient care

Indirect expenses

After all the costs are established to meet the current operations, expansions, education, research and anything else that costs money. Provisions to meet this cost must be met.

Income

Forms of income

Fees, Grants or donations, Equipment time

In order to continue to provide services, income must be at least meet with the audit

False

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Kyla Rafols · 71問 · 2年前

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