Identify a task that you would need to perform in your current career or future career (Financial Accounting) and explain how you would apply the knowledge you have learned in this course to succeed at performing the task in a real-world scenario.
ANSWER THE ABOVE DISCUSSION QUESTION AND REPLY TO MY CLASSMATE’S RESPONSE TO THE ABOVE QUESTION AND EXPLAIN WHY YOU AGREE? (A MINIMUM OF 125 WORDS EACH)
The knowledge in financial accounting will help me in my current career in dealing with health care financial management. Experience in keeping inventories will help me manage the stock of an asset in the health care system. I will use the updated inventory management techniques to manage the stock in the hospital and the stock to be purchased. I will use the knowledge of income statement and statement of financial position in determining the position of the health care system financially every year. I will calculate the health care asset, liabilities, and health care expenditure on different departments to design how well I will reduce the spending and increase the income. I will also use the knowledge in receipt and payment preparation to design receipts of different transactions in the health care system. The receipts will help keep trends of the bill paid by patients, cost incurred in the health care system in purchasing health care facilities, and the costs used in paying bills. Finally, I will use the knowledge learned in accounting to prepare the payroll document, which will serve as a guide for payment. The payroll will include the annual and monthly deductions. For more information on Financial Accounting check on this: https://en.wikipedia.org/wiki/Financial_accounting
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