Financial Accounting coursework Essay Example | Topics and Well Written Essays - 1250 words

Financial Accounting coursework - Essay Example Thus the accrual method of accounting measures the position and performance of the company based on the transactions made in the course of business irrespective of the cash receipts and payments done for the business transaction. The accrual method of accounting combines the current and expected cash inflows and outflows to determine the consolidated financial position of the company (Sofat and Hiro, 2008, p.36). Marks and Spencer has used the accrual method to determine the expected value of the cash flows based on the historical sales returns so that the accrued figures could be allocated accurately in the financial statements. Assumptions related to Going-Concern for preparing financial statements The assumptions related to going concern for preparing financial statements are that the company would continue its business in near future unless the management decides to liquidate the company or decides to stop operations. When the financial statements are prepared by assuming the goi ng concern of a business entity, the assets and liabilities are allocated with the assumption that if the company continues its operations, it would be able to acquire the same amount of assets or would be able to service the same amount of liabilities (Bhattacharyya, 2011, p.48). Ex. Marks and Spencer have prepared their financial statements with the assumption of going concern after considering the risk and uncertainties of the business. The assessment of the assets and liabilities for the foreseeable future has been done based on projections after consideration of risk. Key accounting concepts used in preparation of financial statements The accounting method is a tool based on which the financial statements are prepared and the information given in the financial statements are meant for the users. Thus the preparation of financial statements involves key accounting concepts which are standardized for the companies. The key accounting concepts are combined together to form the gen erally accepted accounting principles (GAAP). The accounting concepts that are used in the preparation of the financial statements are such as money measurement, entity, cost, going concern, objectivity, dual aspect, time period, realization, conservatism, consistency, matching, materiality. The consideration of an entity and its distinction from the owners is important for preparation of the financial statements. The business, sales and receipts in accounting are done in terms of money measurement. The business is considered to carry on its economic activities for a sustainable period of time unless the operations cease to exist on the basis of decision of owners. This concept forms the basis of a going concern that is used in accounting method (Crosson and  Needles, 2010, p.52). The accounting measurements takes into consideration the cost incurred by the company for running the business. This includes the cost of capital, cost of goods sold, etc. The dual aspect in accounting s tates that the assets are equal to the liabilities of the company. The objectivity in accounting met

Effect of Titles and Subtitles of HIPAA on the IT Organization Essay

Effect of Titles and Subtitles of HIPAA on the IT Organization - Essay Example The process of utilization of health of patient is described by HIPPA in detailed. It is important for the medical institutions to make certain that the privacy of the person much be kept confidential. This form of step mostly complete by modifying how much PHI (protected health information is utilized. Basically Protected Health information is referred as the demographics, diagnoses and different treatments of the patient. On the other hand, the complete form of details and information can only be communicate with the staff directly in the patient care, relevant entities and other insurance organizations (Wiener & Gilliland, 2011).   On 14th April 2003, the HIPPA law came into force. The aim of this law is to save the privacy of the information related to the health of the patient by forming the minimum federal standards of how the health care providers may disclose this form of details (Thompson et al., 2011). Whereas the privacy of patient is sheltered from other form of parties, numerous health related professionals have criticized that barriers to access to information imposed by HIPAA potential risk can put the superiority and appropriateness and suitability of patient care. There are many intrinsic negative effects as HIPAA and other builds due to their susceptibility to misunderstanding (Thompson et al., 2011). The right to obtain record of copies of medical records is given to the patients by HIPAA so patient can recognize faults and appeal different form of corrections. On the other hand, the medical information of patients is also protected by HIPAA, and make certain that the medical information of one patient is not utilized by any other patient, other parties like marketing companies, other insurance companies and for the purpose of financial purposes. Moreover, refined from of technologies are also taken part in the HIPAA implementation and also