Distinguish among a cost center, a profit center, and an investment center. Provide an example of each for a multi-hospital corporation.
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- Distinguish among a cost center, a profit center, and an investment center. Provide an example of each for a multi-hospital corporation.
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- Describe the concept of a profit center and, using a specific organization, give an example of how this might be used to achieve the strategic goals of the organization.The decision-making authority assigned to managers within the different responsibility centers (cost, profit and investment) will differ based on the type of center because the role of management’s responsibilities also differs. Therefore, the accounting information required for planning, control, and performance evaluation differs according to the nature of these responsibilities. In 400-600 words address the following: Distinguish among a cost center, a profit center, and an investment center. Provide an example of each for a multi-hospital corporation. What are some of the uses that management may make of accounting information about individual responsibility centers of the business?Suppose you were the financial manager of a not-for-profit business (a not-for-profit hospital). What kinds of goals do you think would be appropriate?
- Discuss the basic assumptions of CVP analysis and how can we use CVP analysis in making decisions in a not-for-profit organization, as well as a for-profit organization?Please describe factors that influence the financial viability of a healthcare organization and discuss the major aspects of Medicare benefits? and how do legal and regulatory issues shape and define the good financial management of an HCO?How can the performance of colleges and universities be measured? What tools exist to assist with performance measurement?
- The practice of for-profit hospitals transferring charity patients to not-for-profit hospitals is known as? A. Dumping B. Cost plus accounting C. Diagnosis related groups D. Cost shiftingWhy is financial ratio analysis crucial for understanding the financial position of a healthcare organization? Select any three of the commonly used financial ratios, provide the formula, and briefly explain what it tells us about the status of the healthcare facility.Would the financial emphasis of the balanced Scorecard be appropriate for nonprofit entities?
- Assume yourself as a senior manager of a healthcare organization and you have given the responsibility to take Capital Investment Decision. Explain what are the available options you have and which one will you choose and why.Identify the areas in an academic institutions contingency planning that might differ from those of a for-profit institution.A Voluntary Health & Welfare NFP would include which of the following financial statements in its basic financial statements? Statement of financial position and statement of activities Statement of financial position, statement of activities, and statement of cash flows Statement of financial position, statement of activities, statement of cash flows, and statement of functional expenses Statement of financial position, statement of activities, and statement of functional expenses Choose one