How to research NURS 6211 Week 3 Foundational Accounting Concepts and Financial Statements

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It is a typical day at Greenwood Hospital in upstate New York. A nurse enters the supply closet and takes out some bandages to replace old ones on a patient who was admitted from the surgical ward several hours ago.

  • This is a simple event that happens thousands of times a day in thousands of hospitals, but have you ever stopped to consider how that task is reflected in the accounting records of the organization?
  • How is money allocated to restock the supplies?
  • How is the organization reimbursed for the cost of those bandages?

This week, you are introduced to basic accounting concepts that impact daily operations within health care organizations.

NURS 6211 Week 3 Foundational Accounting Concepts and Financial Statements

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Learning Objectives on NURS 6211 Week 3 Foundational Accounting Concepts and Financial Statements

Students will:

  • Distinguish between accrual accounting and cash accounting
  • Analyze the role of cash in organizations
  • Apply basic financial calculations using information found on an income sheet and balance statement

Learning Resources for NURS 6211 Week 3 Foundational Accounting Concepts and Financial Statements

Note: To access this Week’s required library resources, please click on the link to the Course Readings List, found in the Course Materials section of your Syllabus.

Required Readings for NURS 6211 Week 3 Foundational Accounting Concepts and Financial Statements

Baker, J. J., Baker, R. W., & Dworkin, N. R.  (2018). Health care finance: Basic tools for nonfinancial managers (5th ed.). Burlington, MA: Jones and Bartlett Learning.

  • Chapter 4, “Assets, Liabilities, and Net Worth” (pp. 33-36)In this chapter, you are introduced to the meaning of assets, liabilities, and net worth. You explore the relationship between the three and how they must be balanced if an organization is to be successful.
  • Chapter 6, “Expenses (Outflows)” (pp. 47-54)The focus of this chapter is expenses and how they differ from costs. It highlights how costs should be reported and how expenses can be grouped for more effective planning and control.
  • Chapter 9, “Understanding Inventory and Depreciation Concepts” (pp. 81-93)This chapter examines the relationship between inventory and the cost of goods. It demonstrates how to calculate inventory turnover and product depreciation.
  • Chapter 11, “Reporting as a Tool” (pp. 119-125)This chapter describes the basic financial reports and how they are used in financial decision making. The four key financial statements are the balance sheet, the statement of revenue, and expense, the statement of fund balance or net worth, and the statement of cash flows.Zelman, W., McCue, M., & Glick, N. (2009). Financial management of health care organizations: An introduction to fundamental tools, concepts, and applications (3rd ed.). Hoboken, NJ: Jossey-Bass.

Retrieved from the Walden Library databases.

  • Chapter 2, “Health Care Financial Statements” (pp. 25–86)This chapter describes the shared four basic financial statements of all organizations. The authors relate the basics to business-oriented and non-for-profit health organizations.
  • Chapter 3, “Principles and Practices of Health Care Accounting” (pp. 87–120)This chapter explores the accounting practices and principles of health care. The authors detail the rules for recording transactions and the process of recording and developing financial statements.
  • Chapter 4, “Financial Statement Analysis” (pp. 121–186)This chapter goes into detail about the three types of analysis used in financial statements of health care organizations: horizontal analysis, vertical (common-size) analysis, and ratio analysis. This chapter also explains the categories of ratios and how to apply them.

Document: Week 3 Application Assignment Template (Excel spreadsheet)

Required Media for NURS 6211 Week 3 Foundational Accounting Concepts and Financial Statements

Laureate Education (Producer). (2012). Basic financial statements. Baltimore, MD: Author.

Note: The approximate length of this media piece is 10 minutes.

In this video, William Ward describes the basic financial statements with which nurse managers should be familiar. He highlights the key components for each statement and demonstrates how they are used.

Basic Financial Statements Transcript (PDF)

Laureate Education (Producer). (2015). Week 3 Application Assignment Tutorial: Ratio Calculations. Baltimore, MD: Author.

Optional Resources for NURS 6211 Week 3 Foundational Accounting Concepts and Financial Statements

Hurlock J. (2012). Get to know Excel 2010: Create your first spreadsheet. Retrieved from https://support.office.com/en-us/article/get-to-know-excel-2010-create-your-first-spreadsheet-3323c699-ca68-448e-ab44-12b8e348bbf5

Goodwill Community Foundation, Inc. (n.d.). Excel 2010. Retrieved from http://www.gcflearnfree.org/excel2010

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