Discussion—Understanding Financial Terms and Cost-Control Strategies
Financial statements provide insight into the financial position of an organization. They are written for internal and external users. External users include creditors, investors, contributors, and other organizations with an oversight responsibility. To prepare or analyze financial statements, a sound understanding of accounting principles and terms is needed.
Using the module readings, library resources, and the Internet, research financial terms and cost-control strategies commonly used by healthcare organizations. Based on your research, respond to the following:
This assignment is a two-part discussion. Address both parts.
Part 1: Cost-Controlling Strategies
- Define what is meant by cost-control.
- List at least 3 web resources with information about cost-control methods. Give reasons why you chose those websites. For example, is the information comprehensive, or does the information have social or political impact?
Write your initial response in approximately 300–500 words. Apply APA standards to citation of sources.