What are the titles and functions of the four financial statements usually included in an audited financial report?

What are the titles and functions of the four financial statements usually included in an audited financial report?

 

Which one is the most important statement? What would an audit want to primarily focus on?

Balance sheet shows the value of items owned by an organization, amount of debt it owes, the amount of inventory in hand and how much the company has to work with. It shows the financial position of a company at a given date over a given period of time. Income statement shows the organization’s revenue and costs or expenses. It also shows the profit or loss incurred by subtracting all costs, taxes and expenses from revenues. Cash flow statement shows the flow of funds between the company and the outside world. It shows how cash has been used and shows excess cash that can be invested in inventory. It is used to establish whether there is embezzlement of money. Profit and loss account shows the profit or loss made by the business. It shows the financial status of a company for a given period of time.

The most important financial statement is the cash flow statement because it allows you to see how fast or immediate a company or organization is able to meet debts and interest payments (Benninga & Czaczkes, 2000). Money is the most essential component of any business. It should be handled with a lot of accountability. This also shows the financial status of a business as at a given financial year

What are the key components of a successful business office operation in a health care setting? What are some examples? Does earning a profit always mean the entity is successful? If not, what other factors must be considered?

There are several key components of a successful business operation in a healthcare setting. One is to ensure that qualified and competent staffs are employed, proper books of accounts should be maintained, team work should be encouraged and auditing of financial information should be carried out at regular intervals. Quality control and planning in the system should be encouraged. Organization of staff and processes in the health entity should also be observed. Example, nurses and doctors should provide courtesy to patients and treat them in a caring manner. Accountants in the health centre should not embezzle funds in any way as this are the funds that are going to be used in running and controlling the activities of the health facilities. Shifts in the hospital should be properly organized in that doctors and nurses will be available at all times. Cheques, cash books and financial statements should be placed under lock and key to provide security against fraud and embezzlement. Transactions carried out should be authorized by proper means and efficient authority. Earning profit does not always mean that the company is successful. This is because the financial statements can be manipulated to show higher profit while in real sense there is no profit gain. They are always manipulated to show a fair financial position in order to attract potential investors to invest in the company. They are also manipulated to show existing stake holders that their investments are properly utilized, so that managers can earn more benefits especially where commission depends on profits gained and to achieve good will of the business. Other factors considered in showing that an entity is successful is the ability of the company to meet debts. The inability of a company to pay debts on time or is paying with a lot of difficulty means that the company is not successful. Inability to pay dividends to its shareholders means that the company is not doing well. Good reputation of an organization and the ability to penetrate the existing and new market with ease shows that a company is successful

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