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Financial Accounting
1. Financial Accounting: Tools for
Business Decision-Making
Chapter 1
The Purpose and Use of Financial
Statements
Ninth Canadian Edition
Kimmel; Weygandt; Mitchell; Trenholm; Irvine; Burnley
Prepared by Debbie Musil, FCPA, FCMA
Discussion Question Solutions:
Internal examples could include: the hospital’s human resource department, the chief financial officer of the hospital and its department managers.
External examples could include: the nurses’ union, the provincial government and the provincial taxation department
Discussion Question Solutions:
Answer here could vary widely some examples include:
Inaccurate or misleading numbers could lead to a loss of trust in the hospital
Inaccurate or misleading numbers could lead to a reduction or loss of donations
Ensuring patient confidentially is maintained as patients’ details maybe tied to some accounting numbers/records as they pass through the accounting system
Discussion Question Solutions:
Examples include:
Operating activities involve those activities used put resources to use to generate a profit (examples could include: purchasing inventory, purchasing supplies, advertising expenses)
Investing activities involve those used to collect the require resources to run the business (examples could include: purchasing furniture, purchasing a building)
Financing activities involves those used to collect the required funds to support the business (examples could include: issuing shares, taking out a bank loan)
For a retail operation compared to a service business there might be a difference depending on the specific type of businesses involved. For example a service business such as an appliance repair shop operating activities may or may not have inventory to sell.