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This is a 4 page paper that provides an overview of generally accepted accounting principles in health care. The history of GAAP and their application within health care are covered. Bibliography lists 4 sources.
Page Count:
4 pages (~225 words per page)
File: KW60_KFaccou2.doc
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listed below. Citation styles constantly change, and these examples may not contain the most recent updates. Generally Accepted Accounting Principles in Health Care , 10/2010 VISIT
/aftersale.htm--properly! Todays economic climate is highly diverse, with different types of business entities engaging in different types of accounting for a variety
of purposes. While this diversity is a great motivating factor for the development of the economy itself, it is nevertheless true that there exists a need for unified accounting practices,
so that a baseline assessment of economic performance can be assessed across the market as a whole. Without such standards, one could not meaningfully compare the financial information of one
company or industry with that of another, because there would not necessarily be any commonality between the accounting principles used to derive that financial data. This is where generally accepted
accounting principles (GAAP) come into play, attempting to provide a stable and standardized accounting environment across all industries. This paper will address the integration of GAAP into the health care
industry, and the implications thereof. Additionally, it will consider the counterpoint that standardizing accounting principles will not achieve its overarching goal of standardized accounting in practice. GAAP were established at
the behest of the AICPA to utilize standardization of accounting methods such that analysts would have some assurance of equality from one assessment to the next; consequently, professional accountants cannot
attest to the accuracy of a financial statement unless they know for certain that it was developed using GAAP (Federal Accounting Standards Advisory Board, 2010). This was necessitated by a
variety of factors. For instance, with the advent of the internet, public interest in accounting standards has risen considerably, along with the complexity of the industrial environment (Zeff, 2007). Additionally,
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