Physician Practice Management Handout.docx - Running Head...

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Running Head: HANDOUT FOR THE PHYSICIAN PRACTICE MANAGEMENT SUBCOMMITTEE Businesses undertake a lot of financial transactions using various forms and the indication of “… where the money came from, where it went and where it is now” [ CITATION htt07 \l 1033 ] is the purpose of the financial statements. Commonly, four financial statements are used in businesses and these are: the balance sheet, income statement, cash flow statements and statements of shareholders’ equity. In this handout, the first three of these financial statements are discussed and briefly elaborated since they are directly related to the Physician Practice Management. Further, this handout will also identify each individual financial statement and finalize by showing how they work together to give a full financial picture of the business at any given financial period. The balance sheet Shows what the business owns as well as owes within a given point of time. Provides detailed information regarding the following key components: Assets are valuable and tangible things that a company owns.

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