The financial statements of New Hanover Regional Medical Center in Wilmington, North Carolina are used for auditing and provide an overview of the organization's finances. The income statement, balance sheet, and statement of cash flows present information on revenues, expenses, assets, liabilities, and cash flows. The notes to the financial statements provide additional disclosures and information required to understand the financial data. These statements are used to make estimates and assumptions that affect reported amounts and are the responsibility of management to present fairly in accordance with accounting principles.

1. Author: Dr. Obumneke Amadi: Transcripts
Title: Financial Statements and Accounting Concept
The income statement, balance sheet, and statement of cash flows utilized within a New
Hanover Regional Medical Center Wilmington, North Carolina are used for auditing financial
statements of the business-type activities, the component units, the fund information, and
changes in financial position including cash flows for the years ended in conformity with
accounting principles, they are responsible for the management in general. In addition his
financial statement of the organization is used to provide their customers and creditors with a
general overview of the finances of New Hanover Regional Medical Center and to prove the
accountability for the income received for services provided (Annual Financial Report, 2011).
“The statement of cash flows presents changes in cash and cash equivalents, resulting
from operational, financing, and investing activities. This statement presents cash receipts and
cash disbursements information, without consideration of the earnings event, when an obligation
arises, or the depreciation of capital assets”. The notes to the financial statements provide
required disclosures and other information that which are required for better understanding of the
material data provided in the financial statements e.g. Presents information about NHRMC‟s
accounting policies, significant account balances and activities, material risks, obligations,
commitments, contingencies and subsequent events ((Annual Financial Report ,2011,sic)
In summary the financial statements of the New Hanover Regional Medical Center
Wilmington is used to make estimates and assumptions that affect the reported amounts of assets
and liabilities including disclosure of assets and liabilities and the reported amounts of revenues
and expenses during the reporting (end of year)period (Annual Financial Report ,2011).

2. Reference
Annual Financial Report (2011): Financial Statements - New Hanover Regional Medical
www.nhrmc.org/workfiles/Final-NHRMC-rpt_FY2011.pdf
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