Health Care Accounting Mid Term Examination. Question 1:.

Legislations and regulations are essential to have and follow in the working environment, it ensures safe practice for the workers and safety, protection and stability to people that are in their care.

There can be many dilemmas for organizations that have serious regulatory issues. Organizations can be fined for even the smallest break in the regulations (Lester & Parnell, 2006). When there are major issues, imagine how high those fines may be. Not only may the fines be costly, but the cost of getting a company up to the necessary standards can also have a major effect. If the costs outweigh the profit, a company could potentially shut down.

Save the completed worksheet as a Microsoft® Word document with your name in the file name.

After reading Chapter 6 of the textbook and the materials I found that I was struggling to understand the material more than usual. Before reading this chapter I had a slight idea of how much effort went into keeping track of the costs and inventory. The most that I knew was that you had to keep track of it, I didn’t know that there are different ways to keep track of those costs. After reading more into the different ways to keep track of inventory I found that the one that stuck out most to me and was the one that I spent the most time trying to understand was the LIFO (Last In First Out).

Compliance with Laws, Rules, and Regulations is, to me, the most important area in a company’s code of conduct. Complying with laws, rules, and regulations includes preventing harassment and discrimination, improper payments, and environmental compliance. When companies are in compliance they are not putting themselves at risk of huge fines, lawsuits, and negativity towards their company.

Legal and regulatory compliance- all businesses must follow all the laws and regulations that have been set because if they do not agree to following the rules they would not be running the business ethically. Every organisation must be truthful to their customers and provide them with the correct information about the product and also not overcharge them for any of their

Following rules and regulations is important for institutions and any type of establishment to maintain organization and most importantly provide safety for those involved. For the organization and safety of everyone involved, it is important to comply with particular criteria.

There are four accepted inventory methods: Specific Unit Cost, Average Cost, FIFO, and LIFO. Unique inventory items are recorded in inventory by the cost of that unit or specific unit cost. Non-unique items use one of the other 3 methods. The average-cost method is: average cost = cost of goods available / number of units available. The first-in, first-out (FIFO) method assigns the first costs into inventory to the first cost of goods sold. The last-in, first-out (LIFO) method assigns the last costs into inventory to the first cost of goods sold. Since inventory costs can vary, companies may choose an inventory method based on tax advantages. When prices are falling, FIFO will have the lowest taxable income. When prices are rising, LIFO has the lowest taxable

Ending inventory amount is shown as an asset on the balance sheet, which happens to be true for all three inventory valuation methods.

uses budgeted fleet hours to allocate variable manufacturing overhead. The following information pertains to the company 's manufacturing overhead data:

The second types of inventory methods to value its inventory that CVS uses is the most common one used for most business the First-In, First-Out (FIFO). First-In, First-Out (FIFO) is defined as the first inventories bought are the first ones to be sold. CVS only uses FIFO for Some Retail Pharmacy and Rest of Business (Front store). CVS utilizes this method because; the fresher products have to be out the door first. Also, FIFO is an easier method than Weighted Average Cost. And most importantly it may over inflate cost because the last products bought and out the door first are usually the most expensive products.

In the present health services administrative environment, corporate compliance programs are a vital business capacity for recognizing hazard and staying away from obligation, particularly in light of the Government 's extended assets and expanded spotlight on indicting extortion and misuse. A corporate compliance program is a framework which is designed to recognize and avert infringement of law by the employees and employers of an organization. There are five basic elements that are used to produce an effective corporate compliance program, they include; leadership, risk assessment, standards and controls, training

Achieving well in a business doesn’t just happen, one should be able to meet all the principles that come with running a business. I will talk about how commercial compliance professional do well at selling their products. The commercial business I will talk about is Sears, and the social influences and behavioral compliance that they use, when trying to sale a product to a customer. Trying to get a customer to be able to purchase a product isn’t always easy especially when it comes to bigger products that cost a little more. “Here are six principles that are used that compliance professionals use to base their psychological influence attempts: reciprocity, consistency, social validation, friendship/liking, authority, and scarcity”

By: Charn Gek Cheng, Chiang Soo Ling, Kummar Sokali Muthu Mogan, Lee Siew Fen Samantha