HS 345 Chapter 3.docx - HS345 Chapter 3 Questions and...

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HS345Chapter 3 Questions and ProblemsQuestions3.1a. What is a stakeholder?
b. What stakeholders are most interested in the financial condition of a healthcare provider?
c. What is the goal of financial accounting?
3.2 a. What are generally accepted accounting principles (GAAP)?
b. What is the purpose of GAAP?
c. What organizations are involved in establishing GAAP?
3.3 Briefly describe the following concepts as they apply to the preparation of financial statements:a. Accounting entity- the entity (business) for which a set of accounting statements applies.b. Going concern- assets should be valued of their contributions to an ongoing business as opposed to their fair market value.c. Accounting period-
period.d. Monetary unit- common basis by which economic events are measured.e. Historical cost-
asset.

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