Health Care Research ProjectByDr. Joseph Foy, CPA

Health Care Research Project
By:
Dr. Joseph Foy, CPA
Dr. Frimette Kass, CPA
Overview
This project is designed to have many learning outcomes. Some
of the learning outcomes include:
· team building skills
· leadership skills
· accounting and auditing research
· identifying and correcting weak/non-existent controls
· perform financial statement analysis
· imp[rove/develop report writing skills
To accomplish this project you will be divided into teams of
four or five. Each team will choose a publicly traded hospital
corporation. You will then perform certain audit techniques on
the team’s chosen corporation and write short papers about what
you have discovered.
Step by Step Description of the Project
This project is broken into various steps. Each step will have
its own due date. By dividing the project into steps it will be
easier for you to accomplish the project over the course of a
semester.

Step One: Selection of Teams and corporations
On, or about, February 4 (the last day to add a course) you will
be randomly assigned to teams of three to five. You will be
able to determine your team by searching in BB under the
‘Groups’ tab.
Each team will then do research to find a publicly traded
hospital corporation. The benefit of using publicly traded
corporations is that their financial statements are publicly
available online. Each team must choose a different
corporation. Do some internet research. When you find a
company post it on the discussion board area that is set up in
BB for this purpose. The corporations will be assigned on a
first come, first serve basis.
For each Deliverable (assignment to be submitted via
Blackboard), teams will choose a different leader from among
the group. The job of the team leader is to breakdown the w ork
for that deliverable, assign the work to team members, organize
peer review of the assignment, and upload the assignment in a
timely fashion.
Step Two/Deliverable One: Finding and Analyzing
F/SDeliverable One: Create Excel Spreadsheet, Financial
Analysis
In this first deliverable, you are going to work with excel
spreadsheets to become familiar with the financial information
published by your corporation.Deliverable One Objectives:
1. Demonstrate an understanding how to use various features of
excel.
2. Understand financial analytical tools to help make business
decisions.
3. Demonstrate an understanding of various types of accounts
public companies utilize.
4. Demonstrate how to organize data.Deliverable One
Requirements:
1. Collaborate with other students in groups.
2. Excel spreadsheet data set up.

3. Horizontal and vertical analysis.
4. Financial ratio analysis.
5. Chart results.
6. Upload the document via Blackboard.
Requirement #1: Collaborate with Group
Students will continue to collaborate within their assigned
groups to complete this deliverable, but the work product will
be graded individually. You are to elect a new group leader to
centralize group communications and reviews.
Requirement #2:Excel Spreadsheet Data Set Up
You need to gather the Income Statement, Balance Sheet and
Cash Flow Statements for the past three years, which are
contained in your company’s Form 10-K filings. A Form 10-K
is an annual report that is filed with the Security and Exchange
Commission (SEC). You can find the 10-Ks for your company
in two ways.
A. To locate these filings, logon to the homepage for your
company. Somewhere on the home page you will see a link to
“Investor Relations”. That link will direct you to the Investor
Relations page. In the menu across the top of the page, you will
see a link labeled “Financial Data”. When you hoover the
mouse over it, a Financial Data pop-up will appear. Select
“Annual Reports”. Right hand corner, you will see the latest
year annual report. When you click on this link, you will see
the filings for your company. The Table of Contents contains
Parts I-IV. Concerning our project, we focus on Parts I and II.
B. You can also find the filings on the SEC’s website. Go to
SEC.gov, find a button marked EDGAR. Under Edgar you can

find the financial filings for your corporation.
What to do once you have accessed the financial statements…
You are to create a master spreadsheet in Excel which will
display at least three years of data (or whatever your instr uctor
requires) for the Income Statement (IS), Balance Sheet (BS) and
Statement of Cash Flows (CF). To accomplish this task, create
three worksheets (in the same file) and label them IS, BS, and
CF (income statement, balance sheet and cash flow statement).
In column A for each worksheet, transfer the account names and
figures exactly as you find them in the financial statements.
That means you must physically rewrite the information, not
simply copying and pasting. The purpose of transferring
information is to allow you to become much more familiar with
the account names and corresponding figures. If you encounter
account names in one year and not the next, write all of them in
column A. Note that financial information is presented from the
latest to earlier years. For analysis purposes, present the
information from the earliest year to the later years. In the
header row, label column B: The latest year available, column
C: the previous year, column D: the year before that. Make it
look professional. Color coding and contrasting headers with
bold lettering are acceptable and encouraged.
This Excel exercise is designed to help you create a structure to
analyze complex data. Your immediate goal in this first step is
to get the formatting down and set up the spreadsheets as best
as you can.
Requirement #3: Horizontal and Vertical Analysis
Horizontal and vertical analysis will allow you to begin
analyzing the data in each financial statement. These
techniques are part of analytical procedures. If you have never
performed a horizontal or vertical analysis of financial
statements, the textbook provides an example. I also created a
video that is uploaded into the Term Research Paper webpage

that walks you through the process.
Video examples of Horizontal and Vertical Analyses in excel:
The following are links to several good videos that walk you
through the horizontal and vertical analysis process.
https://www.youtube.com/watch?v=-38sm1dzvxw
https://www.youtube.com/watch?v=IwCuw2Rx7v4
https://www.youtube.com/watch?v=Ja-boNILdb8
Requirement #4: Financial Ratios
Using the data in the Income Statement, Balance Sheet and Cash
Flow Statement you developed, you are to independently
calculate all the ratios on the following table labeled Required
Common Ratios to Calculate,for each year, over at least a two
to three year period (depending on the ratio). These common
ratios are found in most accounting textbooks. Ratio analysis
looks at the relationships of the different parts of financial
statements. Combining horizontal and vertical analyses with
ratio analysis provides powerful analytical tools to expose areas
of risk for decision makers. The reason that you should
calculate these ratios over at least two to three years is two-
fold. First, you will begin to see more meaningful patterns
beyond horizontal and vertical analyses. Second, you will use
the data to create charts to visualize the patterns side by side
with other ratios
Page 2 of 2
Required Common Ratios to Calculate
Formula
Youtube video
Three Liquidity Ratios:

Current ratio
https://www.youtube.com/watch?v=BCaoQNkeoy0
Inventory turnover
https://www.youtube.com/watch?v=HqVWTzeVQBU
Receivables turnover
https://www.youtube.com/watch?v=Iz45aaYwnMk
Two Solvency Ratios
Debt to total assets
https://www.youtube.com/watch?v=vf-g51Br_l0
Debt service coverage ratio
https://www.youtube.com/watch?v=MrlqbSDsSig
Four profitability ratios
Gross profit margin
https://www.youtube.com/watch?v=e2DI6B7BWzs.youtube.com
/watch?v=e2DI6B7BWzs
Profit margin ratio
https://www.youtube.com/watch?v=uYM2YnwO-20
Return on assets ratio
https://www.youtube.com/watch?v=fXNxXOB2CYk
Asset turnover ratio
https://www.youtube.com/watch?v=t0nHVLq4Fzk
You are encouraged to use any other ratios that you deem may
be useful to your analysis. I uploaded a video into the Term
Research Paper webpage walks you through the ratio analysis
requirement.

Requirement #5: Charting Results
You are required to chart the results of your vertical, horizontal
and financial ratios. To create as few charts as possible, while
still retaining the ability to analyze them, this exercise is
simplified. Charting every line item in the income statement,
balance sheet and cash flow statement in separate charts is a lot
of unnecessary work. The volume of charts that you would be
producing would make it very difficult to analyze data.
For horizontal analysis, create a two-dimensional line chart over
three years and for the vertical analysis, create one bar chart
over three years for each of the following balance sheet
categories: current assets, long-term assets, current liabilities,
long-term liabilities, and cash flows from/used by operating,
investing and financing activities. For income statement items,
group the different streams of revenue, and group the different
categories of operating expenses. For cash flow items, separate
cash flows from operating, investing and financing activities.
Do not try to chart each line item within the operating,
investing and financing activities (that level of analysis is
outside the scope of this exercise).
The following charts are samples of vertical analysis:
The following charts are samples of horizontal analysis:
For ratio analysis, group ratios by liquidity, solvency and
profitability ratios and create two-dimensional line charts over
two or three years for each category, depending on whether the
ratio you created covers a two or three year period. Whatever
you present, it has to be readable and clear to other users of the
information that you produce. Placing more than three or four

ratios on one chart over at least three years starts to look a little
busy. Make sure you space them adequately for easy reading.
If your ratios are too busy looking, your group mates should let
you know so you can redo them before submission.
Visually, there is a difference between the charts you create for
vertical, horizontal and ratio analysis. The vertical analysis
will produce a chart for each year for each group of items
analyzed, as opposed to the horizontal and ratio analysis which
will produce one chart for all the years for each group of items
analyzed.
Make sure that your all graphs have meaningful labels, which
will include years and appropriately spaced number increments
on the y-axis to avoid bunching of lines. Below are some
samples of visual representations of how your bar charts and
two dimensional charts should appear over the three years:
This is a sample of a two-dimensional chart that has line
bunched together (the bottom two lines sit on top of each other
too much), something you want to avoid.
This is a sample of a two-dimensional chart that has lines
separated nicely, something you want to present.
Required Charts to Create
Financial Statement
2-yr Horizontal Analysis: Two-Diminsional Line Charts
3-yr Vertical Analysis:
Bar Charts
2-yr/3-yr Ratio Analysis:
Two-Dimensional Line Charts

Balance Sheet
1. Current assets.
2. Long-term assets.
3. Current liabilities.
4. Long-term liabilities.
1. Current assets.
2. Long-term assets.
3. Current liabilities.
4. Long-term liabilities.
1. Liquidity
2. Solvency
3. Profitability
Income Statememt
1. Group the different streams of revenue.
2. Group the different categories of operating expenses.
1. Group the different streams of revenue.
2. Group the different categories of operating expenses.
Cash Flow Statement
1. Cash flows from/used by operating, investing and financing
activities (separate cash flows from operating, investing and
financing activities).
1. Cash flows from/used by operating, investing and financing
activities (separate cash flows from operating, investing and
financing activities).
If you do not know how to work with charts in excel, go through
excel tutorials found on You Tube to create and edit charts.
There are dozens of videos that have been created. Video
examples of charting in excel:
https://www.youtube.com/watch?v=3MUMOesp3fg

https://www.youtube.com/watch?v=b0EB7i8gJ4g
https://www.youtube.com/watch?v=J-PaQymHkhg
Remember, the purpose of a chart is to make the information
more visually appealing and user friendly. If your chart is
cluttered or not properly labeled it makes it harder to
understand the information.
Requirement #5: Upload Document
Once you have completed the charting task, you will upload
your excel file into Blackboard. Do not upload a pdf file. Only
Excel files will be accepted i.e. .xls format. Please refer to the
deadlines for the date this due. Late submissions lose 50%
credit if submitted within one week after the due date. After
one week past the due date, no credit will be given. Note that
this deliverable still has to be completed to advance to the next
deliverable. If it is not completed, no credit will be given for
the term project.
See Appendix A, Grading Rubric for Deliverable One.
If you have further questions about deliverable one, check out
the FAQ page under AdditionalQuestions Concerning
Deliverable One: Spreadsheets and Data.Step Three -
Deliverable Two: Connecting Theory to Practice – Firm Level
Risk Analysis
Deliverable two will help you begin the process of bridging
abstract theoretical accounting information learned in the
textbook to real life concrete practical events.
Deliverable Two Objectives:
1. Examine the risk factors that management discloses in its
Form 10-K and from an accounting perspective (as opposed to
Marketing or Management). Choose one and explain its adverse
affect on the financial statements using vertical, horizontal,
ratio, and chart analysis developed in deliverable one.
2. Gain a more comprehensive understanding of a public
company to make better business decisions by reading key parts

of a Form 10-K, including Business, Risk Factors, Properties,
Legal Proceedings, Management’s Discussion and Analyses, and
Index to the Notes to the Consolidated Financial Statements.
3. Understand the impacts on financial statements should a risk
come to fruition using a “what-if” analysis applied to vertical,
horizontal, ratio, and chart analysis on excel spreadsheets
developed in deliverable one.
4. Identify and analyze the effects of depreciation on the
financial statements at least one piece of equipment used in
Starbucks.
5. Identify and recommend changes in revenue/cost structures
and how it would impact any ratio developed in deliverable one.
6. Demonstrate good grammar, formatting, and organization.
Deliverable Two Requirements:
1. Students will collaborate within their assigned groups to
complete deliverable two.
2. Read and analyze the following selected parts of the10-Ks
covering all years conforming with your spreadsheets and
identify a risk factor that you find of interest that could come
true.
3. Conduct a “what-if” analysis to determine the affect the risk
may have on the financials.
4. Answer three short essay questions.
5. Individually upload the document via Blackboard.
groups to complete this deliverable. You are to elect a new
group leader to centralize group communications and reviews.
Requirement #2: Read and analyze the following selected parts

of the 10-Ks.
The following areas of the 10-Ks should be your primary focus:
Part 1, Items 1, 1A, 2, 3, and Part II, Items 7 and 8. Part I
contains a discussion on the business model, risk factors,
properties, and legal issues. Part II contains Management’s
Discussion and Analyses, the financial statements and the notes
to the financial statements. All these statements are referred to
as management assertions. Parts I and II contain discussions on
many types of risk that the business may be exposed to. You
should read through all these areas. Once you have read
through Parts I and II, you are to answer a set of questions at
the end of this section of deliverable two. The following
narrative elaborates on each area you are to read.
Part 1, Item 1. Business
In this discussion, management discusses its business model,
how it segments it financial information, and how it categorizes
and earns revenue.Part 1, Item 1A. Risk Factors
In this discussion, management discusses the risks that it has
identified as material and has decided to share with the public.
Companies have to disclose risks, and the SEC mandates a
separate section to discuss risks. However, risks can be
identified by reading other areas of the Annual Report and
observations of the hospitals.
As an example, here is a short list of some material risks a
major US corporation discloses:
1. Economic conditions in the U.S. and international markets
could adversely affect our business and financial results.
2. Our success depends substantially on the value of our brands
and failure to preserve their value, either through our actions or
those of our business partners, could have a negative impact on
our financial results.

3. Incidents involving food or beverage-borne illnesses,
tampering, adulteration, contamination or mislabeling, whether
or not accurate, as well as adverse public or medical opinions
about the health effects of consuming our products, could harm
our business.
4. The unauthorized access, use, theft or destruction of
customer or employee personal, financial or other data or
proprietary or confidential information that is stored in our
information systems or by third parties on our behalf could
impact our reputation and brand and expose us to potential
liability and loss of revenues.
5. We rely heavily on information technology in our operations
and growth initiatives, and any material failure, inadequacy,
interruption or security failure of that technology could harm
our ability to effectively operate and grow our business and
could adversely affect our financial results.
6. We may not be successful in implementing important
strategic initiatives or effectively managing growth, which may
have an adverse impact on our business and financial results.
7. We face intense competition in each of our channels and
markets, which could lead to reduced profitability.
Part 1. Properties
In this discussion, companies disclose select properties that it
owns, providing locations, sizes and purposes. This information
can help a reader understand what properties may be at risk and
how your company’s operations could be affected if something
were to happen to one or more properties.
Part 1. Legal Proceedings
Companies normally elaborate on their legal proceedings in
Commitments and Contingencies. Part II. Management’s
Discussion and Analyses
This discussion is management’s interpretation of the results of

its operations. An important point to be made is that this is
management’s interpretations, not by anyone else. Management
of companies tend to highlight the positive and suppress the
negative. They tend to guide the discussion they way they
want. In this section, you may get a better idea what risks
management may find important and those they may try to
minimize. For your purposes, it is filled with good information
that may help you further understand the trends in the
horizontal, vertical, and ratio analysis that you performed. Part
II. Index to the Notes to the Consolidated Financial Statements
In this discussion, management further clarifies information
contained in the income statement, balance sheet and statement
of cash flows. Companies disclose varying amounts of notes.
However, for purposes of this project we focus on the Summary
of Significant Accounting Policies, which discusses the
business, estimates, cash and cash equivalents, Receivables, net
of Allowance for Doubtful Accounts, Property, Plant and
Equipment, and Revenue Recognition. Notes that discuss
inventories in detail that give you insight on where your
company gets it inventory and how it categorizes it. Notes that
contain Supplemental Balance Sheet Information, which
discusses Property, Plant and Equipment, and Accrued
Liabilities. Notes that discuss Debt (Liabilities). You may
want to read it just to see how complex accounting for debt can
be and the risks that your company takes to pay back financing
agreements.
Notes that discuss Commitments and Contingencies: What is
important in this section is the legal proceedings, which is a
gold mine for identifying potential risks.
Requirement #3: Conduct a “what-if” analysis.
Essay questions one and two will require you to conduct a

“what-if” analysis. There are various methods to conduct a
“what-if” analysis in Excel and you are free to explore them.
To conduct a “what-if” analysis for this deliverable, imagine the
risk you identified comes true. Demonstrate through vertical,
horizontal and ratio analysis how this risk could affect fi nancial
performance.
To begin this process, you need to understand what accounts
could be affected if the risk you choose comes true. Let’s say
that you identified a possible supply chain disruption of
medicine because of new regulation in the country it is
manufactured. What are medications at a hospital? It is
inventory. On the income statement, sold inventory is reported
as cost of sales. On the balance sheet, existing medications in
your company’s possession is reported as inventory. Lack of
supply can lead to increased inventory prices. To examine the
potential overall affects on the financial statements, we must
look at ratios that contain cost of sales or inventory in its
numerator or denominator. When looking at vertical analysis,
anything that affects cost of goods sold will cause a shift in the
percentage of expenses to revenues; and anything that affects
inventory will reallocate the percentage mix of assets to total
assets. When looking at horizontal analysis, the percentage
year over year increases for both cost of sales and inventory
will be affected.
Let’s take an example of a ratio that contains cost of sales,
which is the gross profit margin. The gross profit margin is the
gross profit/net sales. Gross profit is Net Sales – Cost of Sales.
If the supply chain is disrupted and medication prices rise, the
cost of sales will rise when the medication is dispensed.
Therefore, the gross profit will decrease. If your company’s net
sales of medication remain the same, the gross profit margin
will decrease. There are other ratios that would be affected.
When you consider a supply chain disruption as your risk, find
ratios in addition to the gross profit margin and explain the

affect on them.
For vertical analysis, you can discuss how the cost of sales
affects the income statement by the reallocation of cost of sales
to revenues and what that situation may mean. For the balance
sheet, the reallocation of percentages of short-term assets may.
A vertical analysis allows a user of financial information to
visually see how the mix of short-term assets are affected which
may impact liquidity (measuring the ability of a business to pay
its short term obligations as they become due). The more assets
tied up in inventory may be problematic to companies in need of
cash to pay bills.
Requirement #4: Short Essay Questions
After conducting a “what-if” analysis, you are to answer the
following questions from an accounting perspective (not a
marketing/management perspective) and submit an individual
two to three page report via Blackboard:
1. companies required to disclose material risks.
a. Of the risks that management discloses, which one do you
think could most adversely affect the income statement, balance
sheet, and cash flow statement and give an example of how it
could adversely affect the financial statements?
b. Which ratios could be adversely affected if increases in costs
or supply chain disruptions occurred for materials including
equipment, medications and other supplies? Explain why and
provide an example with hypothetical figures of at least one
ratio.
2. Compare your readings of management’s assertions and your
findings of your vertical, horizontal, ratio and chart analysis.

You may find that management’s discussion focuses on certain
areas. They may be avoiding a discussion in other areas that
you and others deem important to learn about. They may be
transparent one year, and not as transparent the next year, and
vice-versa. Your vertical, horizontal and/or ratio analyses may
indicate one thing, but not what management is focusing on,
causing what appears to be inconsistencies in how information
is presented.
a. How do you think management interprets and informs the
public of one thing, but your analyses find information that is
inconsistent, misleading, contradictory, or absent, leading you
to believe the reported figures on the income statement, balance
sheet, cash flow statement and related disclosures reveals a side
of the financial story management in not focused on? Explain
to the best of your ability and include a specific example.
To help you understand how to answer this question, Form 10-
Ks normally follow specific patterns. It is important to read all
three years to see how management modifies its discussion fr om
year to year. The specific narrative in each section generally
does not change too much unless new disclosure requirements
or other laws/policies/procedures are enacted. This is often a
company’s Achilles heel. If management is telling the public a
similar narrative each year, the charts should show a consistent
pattern. If not, something is may not be right. Management may
not accurately report what is going on, be focused on what they
want to focus on, or they are issuing the wrong figures on their
financials. Either way, it is an issue that must be further
explored to make good business decisions.
As an example of a potential issue, let’s look at a hypothetical
scenario involving inventory turnover:
As you may remember, the inventory turnover ratio is a measure
of how fast a company is getting rid of its inventory (through
sales, obsolescence, theft, etc.). If you measure the inventory
turnover ratio and it decreases slightly year over year, it
generally indicates that inventories are moving slower. Imagine

that you perform a ratio analysis and chart the inventory
turnover ratio over six years. You notice that inventory is
turning over slower. Then you compare the chart to what
management asserts in its discussion and analysis. Management
boasts about its improved and efficient inventory management
systems and how year after year it is constantly improving.
This may indicate an area of increased risk. Why? The
inventory turnover data shows that inventory may be moving
slower, but management claims it improved ways to control
inventory. It now becomes an issue for a proactive business
decision maker to delve into more deeply. The ratios are
indicating one thing (through their reported figures), but
management is telling everyone another (through their
narrative). In this hypothetical situation, several things could
be happening. Perhaps everything is fine with their inventory
management system, but management is not doing a fine job of
communicating the issue, or perhaps something could be
drastically wrong such as production line breakdowns and
management knows it but is not adequately disclosing it, or
perhaps it could be that someone is stealing inventory but
management does not realize it. There could be numerous
reasons.
You should target approximately one to two paragraphs for each
required item. Grammar, Formatting and Organization is a skill
which should be demonstrated by accountants for all work.
Therefore, it is part of the grade. Only Word files will be
accepted i.e. ,doc format. Do not upload a pdf file or files
created by other word processing software.
The team leader for this deliverable is responsible to make sure
everyone gets a peer review of your work prior to submission.
As discussed in the grading section for deliverable one, it is
inevitable that you will share ideas and see other member’s

work.
Late submissions lose 50% credit if submitted within one week
after the due date. After one week past the due date, no credit
will be given. Note that this deliverable still has to be
completed to advance to the next deliverable. If it is not
completed, no further credit will be given for the term project.
See Appendix A, Grading Rubric for Deliverable Two.
If you have further questions about deliverable two, check out
Deliverable Two: Company Level Risk and 10-K
Analysis.Deliverable Three: Connecting Theory to Practice –
Contemporary Risk Analysis
The main goal of deliverable three is to apply abstract
accounting theory accounting information learned in the
textbook to practice in a real-world setting real life concrete
events. Deliverable Three is an extension of Deliverable Two.
Deliverable Three Objectives:
1. Examine risk factors for your hospital corporation in light of
current events i.e. the COVID crisis.
2. Research and identify sources of information regarding risks
in the course of a pandemic or other emergency.
3. Compare the risk factors discussed in the financial statements
to risk factors identified from your research.
4. Perform research to determine how your target company is
dealing with these risks in the current atmosphere.
5. Identify and recommend changes in revenue/cost structures
and how it would impact any ratio developed in deliverable one.
Deliverable Three Requirements:
1. Students will collaborate within their assigned groups to
complete deliverable two,.
2. Familiarize yourself with how your hospital identifies and
deals with risks in light of your risk research.
3. Answer three short essay questions.

4. Individually upload the document via Blackboard.
groups to complete this deliverable, but the work product will
be graded individually. You are to elect a new group leader to
centralize group communications and reviews.
Requirement #2: Familiarize yourself with risks to a hospital
during a crisis
There are many resources on the internet that discuss emergency
preparedness for hospitals in different types of emergencies,
including pandemics. When Googling consider the terms
‘disaster preparedness’ or ‘emergency management’. These
resources are in the three different forms. You must
differentiate the type of site you are looking at. These are:
1. Requirements and mandates of government g agencies such
as: state departments of health, CDC etc.
2. Industry associations that provide accreditation such as
JCAHO
3. Other agencies whose standards are advisory only yet still
important.
Requirement #3: - Determine how your hospital corporation
deals with their disaster plans
You will then need to determine how your hospital corporation
deals with these preparedness issues. Look at statements they
make on their website, filings they may have to make with their
state licensing agency or other agencies. Also look at websites
that collect consumer information about the hospitals such as
Healthgrades or Yelp. If your corporation has numerous
hospitals look at the ratings for two or three hospitals, at least.
As an example: are there complaints that staff are not wearing

masks, that screenings when entering a hospital are lax.
Try to find items about your target company, or some of the
hospitals they operate, in the news media or on social media,
that discusses how the company, or some of their hospitals,
fared during the height of the COVID crisis.
Requirement #4: Short Essay Questions
Please answer the following short essay questions:
1. Based on your research of disaster preparedness for hospitals
what are the three or four items that you consider most
important and why?
2. Based on your research about your target company how do
their disaster plans meet the standards that you have learned
about?
3. Based on your research about your target company, and their
hospitals, how did they manage during COVID? Did they meet
their expectations or standards that were set by the various
agencies? Explain.
4. What can your target company do to adjust their policies and
practices going forward?
5. What changes, if any, should the various agencies make to
their disaster preparedness recommendations/requirements
going forward? Explain
You should target approximately one to two paragraphs for each
required item. Grammar, Formatting and Organization is a skill
which should be demonstrated by accountants for all work.
Therefore, it is part of the grade. Only Word and Excel files
will be accepted. Do not upload or any other type of file.
Although this deliverable relies on a collaborative effort, each
group member is to create their own analysis and have other
group members review it prior to submitting it to the instructor.
As discussed in the grading section for deliverables one and
two, it is inevitable that you will share ideas and see other

member’s work. You should not copy other group member’s
work without acknowledging them. If you do not acknowledge
them, it is considered plagiarism. You should strive to be
creative in your own way and share your writings. That will
allow other group members to expand their knowledge. They
should credit your contribution as well, if they desire to use it.
Even if you do credit work contributed by others, each paper
submitted should reflect a significant work product that you
created on your own.
See Appendix A, Grading Rubric for Deliverable Three.
the FAQ page under Questions Concerning Deliverable Three:
Starbucks Visitation and Store Level Risk.Deliverable Four:
Communicating Results (PowerPoint Presentation)
The main goal of deliverable four is to communicate the issues
you discovered by preparing and presenting your findings to the
class by making a recorded PowerPoint presentation.
Deliverable four is summary statement of deliverables one, two
and three. Students will continue to work in assigned groups to
complete deliverable four and will be graded as a group.
Deliverable Four Objectives:
1. Demonstrate your understanding how to contribute to a
collaborative PowerPoint presentation.
2. Gain an understanding how to record narrative.
3. Gain an understanding of the importance in communicating
problems and findings to help users of accounting information
make business decisions.
Deliverable Four Requirements:

1. Collaborate.
2. Present findings.
3. Record a sound bite.
4. Rehearse the presentation.
5. The group leader for this deliverable uploads the document
via Blackboard.
Requirement #1: Collaborate
groups to complete this deliverable, within their assigned
groups to complete deliverable four, and the work product will
be group graded.
Requirement #2: Present Findings
Your group will present one to two slides for each deliverable
summarizing results of any information/analysis your group
found most interesting. The key to success in this deliverable is
to use less words and more visuals. The reason that you are
recording audio is to explain your slides, not to read word for
word a paragraph of information. Presenting pictures and/or
graphs, with limited text should be your goal.
Requirement #3: Record a Sound Bite
Each member of the group will record an approximately 90
second sound bite explaining the group’s findings. Group
members control who presents what information. If a member
of your group is unable to speak, someone else may present on
that person’s behalf. The overall goal is to develop the ability
to present an interesting finding as concisely as possible. If
four members are in a group, that means the entire presentation

should be no more than six minutes.
If you do not know how to make a recorded presentation on a
PowerPoint, the following videos are instructive.
Video examples of narrating in PowerPoint:
· How to Record Narration for a PowerPoint Presentation For
Dummies:
https://www.youtube.com/watch?v=QZp3jumnWUg
· Microsoft Office Support:
https://support.office.com/en-us/article/record-a-slide-show-
with-narration-and-slide-timings-0b9502c6-5f6c-40ae-b1e7-
e47d8741161c
Requirement #4: Rehearse the Presentation
This is a critical part that cannot be overlooked. Rehearse the
presentation several times to make sure it flows well and is
within time limits. It is imperative that you be understood when
others are listening. You may want to consider making a
recording and have your group leader or someone else view and
listen it who is not used to hearing you speak. That person must
be able to understand everything you say, and find it
interesting. Therefore, make sure that your audio capability is
working correctly. Ultimately, if the instructor cannot
understand you, it will be difficult to assess this part of your
grade. You can probably never rehearse enough.
Requirement #5: Upload Document for Grading
Overall, the presentation should be between six to eight slides.
Try not to place a bunch of text on the slide and then read it
word for word. People can read. What the audience wants see

and hear is what you have to say and how you present it. Use
graphs, illustrations, pictures to get your point across. It is
normally more effective. Grammar, Formatting and
Organization is a skill which should be demonstrated by
accountants for all work. Therefore, it is part of the grade.
Only PowerPoint files will be accepted. Do not upload a pdf
file.
As opposed to the other deliverables, this is a group graded
collaborative effort. Each group member works with the leader
to organize the presentation. As discussed in the grading
section for deliverables one, two, and three it is inevitable that
you will share ideas and see other member’s work. You should
not copy other group’s work without acknowledging them. If
you do not acknowledge them, it is considered plagiarism. Each
paper submitted should reflect a significant work product that
your group created.
See Appendix A, Grading Rubric for Deliverable Four.
the FAQ page under Additional Questions Concerning
Deliverable Four: PowerPoint Presentation.
Requirement #6: Upload Document for Discussion
Upload your PowerPoint to the Discussion Board. Students are
required to make at least three substantial comments on
PowerPoints uploaded by other teams.Step #6 - Deliverable
Five: Reflections
The main goal of deliverable five is to reflect on all the work
that you have accomplished.
Deliverable Five Objectives:

1. Reflect on how working in collaboration with other students
in groups helped you gain an understanding of the term project
work.
2. Reflect on how the term project work allowed you to connect
accounting theory learned in the textbook to how it is put into
practice.
3. Reflect on how you can use your newly discovered skills to
help make better accounting business decisions.Deliverable Fi ve
Requirements:
1. Write a one to two page reflection.
2. Upload the document via Blackboard.
Requirement #1: Write a Reflection
Unlike the first four deliverables, deliverable five is solely an
individual effort and is not a collaborative effort. No review by
other group members is required. However, if you have weak
English writing skills, you may want to ask group members to
critique it for spelling, grammar and logistical flow errors prior
to submitting it to the instructor.
You are to write a reflection that addresses your work, and how
collaborating with other students in groups helped you gain an
understanding of the term project work. You should discuss
how you connected accounting theory learned in the textbook to
how it is put into practice. This is an important aspect of the
project. You also need to discuss how you can use your newly
discovered skills to help make better accounting business
decisions.
In considering your write-up, the following are some questions
you may integrate into your discussion. You don’t have to
answer these questions, as they are just for your consideration
in case you are lacking ideas. Your discussion should be heart
felt. Do not simply just answer these questions and insert them
into your reflection. You are to write up a reflection that is in

an essay format and in your own words.
· Compared to other term projects you have worked on to date
(if it applies), how would you compare this one against all
others?
· Were your expectations met as far as learning outcomes for
the project?
· What surprised you the most about term project at the end
compared to the beginning?
· How did the spreadsheets help you understand accounting?
· How did the risk assessments enhance your understanding of
accounting?
· What did you like about how this project was delivered?
· What was your most favorite and least favorite part of the
project? How did they affect your learning experience about
accounting?
· What experiences working with your group enhance your
ability to work with groups in general?
· How did this term project enhance your ability to connect
accounting theory to practical applications?
· Would you recommend other potential students to experience a
term project like this? Why?
· What was the most surprising thing that you learned about
how management asserts information in its 10-Ks?
· What new things did you learn how management can
manipulate accounting information and disclosures to make
themselves appear stronger or better?
· Explain how you would feel more confident in an employment
interview discussing your ability to analyze financial
statements. Did this project change your confidence level?
· How did this project enhance your ability to see business in a
new light when you walk into a store?
· As a result of this project, discuss how you believe you could
bring more value to your current or future employer.
· From an academic viewpoint, given you experience with this
class, what accounting knowledge do you think would have been
valuable to know and understand before you registered for this

course?
· How important is it to know your basic accounting knowledge
to analyze financial statements?
· How much about accounting and business do you now realize
that you did not know when you registered for the course?
· How important is it to have the right teachers instructing this
project? Did you have the right teacher? Why?
· If you could explain to other students why they should engage
in a project like the Starbucks project to learn how
indispensable accounting is to understanding business, what
would you say?
· From an analyst perspective, what would you tell the CEO of
your target corporation the most surprising thing you learned
about his company?
· There is always something that could make this project better.
What would it be?
· What are your feelings to make a project like this mandatory
in all your graduate courses? Why?
The reflection will be graded on your communication skills how
you can articulate your thoughts on the term project. Therefore,
spelling, grammar, formatting and organization of your thoughts
are the key items to focus on. Each area will be worth 25% of
the reflections grade. Please keep in mind about the rules on
plagiarism. Plagiarized work will not be accepted.
will be given. If it is not completed, no further credit will be
given for the term project. Only Word files will be accepted.
Do not upload a pdf file.
See Appendix A, Grading Rubric for Deliverable Five.
Deliverable Five: Individual Reflections.

Special submission instructions
Only the team leader for a particular deliverable has to submit
the assignment for the entireteam. The submission must include
the ‘Top Sheet’ that is presented in Appendix D. In a ‘Word
submission make this the first page. In and Excel submission
put this on the first worksheet. In a Power Point submission put
this on the first slide.
If a team member has not completed the work assigned to
him/her by the team leader their grade will be reduced based on
the indication of the team leader.
Final Thoughts
In addition to the instructions for analyzing the public company,
to enhance your understanding of the business entity and its
environment, students should use all resources available to
them, including to, but not limited to the library (specifically
the business librarian), Internet, professional opinions and
interpretations, company published information, brokerage
house information, etc. Students should think about creative
ways to extract and understand information. The manual will
guide you, but it will not hold your hand during the term
project. It is your project to learn from.
Appendix A: Grading Rubric for FSAGrading Rubric for
Deliverable One
Levels of Achievement
Criteria (Each Equally Weighted at 25.00%
Unacceptable, Needs Way Too Much Work
Passable, But Still Needs Work
Good to Very Good

Transfer financial data for all required years[footnoteRef:1] [1:
You are required to demonstrate the ability to create a
spreadsheet with all appropriate tabs and transfer data from the
financial statements into the spreadsheet. You are not to copy
and paste. ]
0.00 %
70.00 %
100.00 %
Conduct Horizontal/Vertical Analysis[footnoteRef:2] [2: You
are required to calculate horizontal and vertical analysis of the
three basic financial statements.]
0.00 %
70.00 %
100.00 %
Calculate Ratios[footnoteRef:3] [3: You are required to
calculate the required ratios for analysis.]
0.00 %
70.00 %
100.00 %

Create Charts[footnoteRef:4] [4: You are required to create
charts of the horizontal, vertical and ratio analysis with proper
legible labeling and spacing for further analysis.]
0.00 %
70.00 %
100.00 %
Grading Rubric for Deliverable Two
Good to Very Good
Of the risks that your company’s management discloses, explain
an adverse company level affect on the I/S, B/S, and CF
statements from an accounting perspective (as opposed to
Marketing or Management)[footnoteRef:5] [5: Of the risks the
company discloses, you must identify at least one adverse risk
that is disclosed in the 10-K and connect it to a financial
statement. Identifying risk is easy. What is critical for this
part of the grade is to be able to explain why the risk you
identified is important from an accounting perspective.
Understanding financial reporting concepts, such as qualities of
useful information, assumption of financial reporting, and
principles in financial reporting is helpful. Our past experience
is that students often identify risks to a company and then
explain it as a marketing or management concept. Students in

the past have discussed the quality of the services provided.
Although related, accounting, marketing and management are
distinct disciplines. You have to analyze risks talking like an
accountant, not a marketer or strategic manager. The first two
chapters of most fundamentals or intermediate accounting
textbooks explain accounting concepts. ]
0.00 %
70.00 %
100.00 %
Apply ratio analysis to analyze the adverse affects of increases
in cost or supply chain disruptions.[footnoteRef:6] [6: You are
required to demonstrate an understanding a risk identified by
the instructor by explaining its impact on the financial ratios
you calculated in deliverable one.]
0.00 %
70.00 %
100.00 %
Identify and explain possible misleading, contradictory, or
absent information between your analysis and management
assertions.[footnoteRef:7] [7: Reading through the risk and
other disclosures that management makes in the 10-Ks, use your
analysis in deliverable one to connect a possible discrepancy in
what management says and what is disclosed (or omitted).]
0.00 %
70.00 %

100.00 %
Exhibit proper grammar, formatting, and
organization.[footnoteRef:8] [8: The analysis should be free of
grammatical errors, formatted well and organized. That is, the
discussion flows well and does not appear disorganized.]
0.00 %
70.00 %
100.00 %
Grading Rubric for Deliverable Three
Good to Very Good
Of the risks that you identify at the hospital facility level,
which one do you think could most adversely affect the income
statement, balance sheet, and cash flow statement and give an
example of how it could adversely affect the financial
statements?[footnoteRef:9] [9: Of the risks the company
discloses, you must identify at least one risk in a hospital
facility and connect it to a financial statement, explaining its
adverse financial statement outcomes if it were to materialize.
Apply your understanding financial reporting concepts that you
did in deliverable two, but take it a step further to incorporate
your understanding of various assets and liabilities. Our past

experience has shown that at the company level, students often
identify risks and then explain it as a marketing or management
concept, not an accounting concept. Students in the past have
discussed the length of lines, lack of signage on the menus, etc.
You have to analyze risks talking like an accountant, not a
marketer or strategic manager. ]
0.00 %
70.00 %
100.00 %
Demonstrate your understanding of theft of inventory on the
gross profit margin and how that is connected at the individual
facility and Firm Level to the financial
statements.[footnoteRef:10] [10: Similar to footnote 2, you
have to connect the risk(s) that you observe at the store level
with these trends and patterns in the financial statements with
respect to the gross profit margin if inventory is stolen.]
0.00 %
70.00 %
100.00 %
Identify and analyze at least one piece of equipment used in a
hospital and discuss its depreciation accounting effects at the
Facility and Firm Level.[footnoteRef:11] [11: What risks do
you see in the store that could affect the financial statements of
the company that management does not discuss in its financial

statement disclosures with respect to depreciating equipment.]
0.00 %
70.00 %
100.00 %
Identify and recommend changes in revenue/cost structures and
how it would impact any ratio.[footnoteRef:12] [12: Using any
ratio, demonstrate how your recommended beneficial change
will affect the financial statements.]
0.00 %
70.00 %
100.00 %
Exhibit proper grammar, formatting, and organization.
[footnoteRef:13] [13: The analysis should be free of
grammatical errors, formatted well and organized. That is, the
discussion flows well and does not appear disorganized.]
0.00 %
70.00 %
100.00 %
Grading Rubric for Deliverable Four

Good to Very Good
PowerPoint is clear and concise.[footnoteRef:14] [14: A
PowerPoint is clear when other people who are not used to
hearing you speak clearly understand what you are saying. It is
concise when you convey your message in as little words as
possible. Do not go off in tangents.]
0.00 %
70.00 %
100.00 %
PowerPoint has relevant content.[footnoteRef:15] [15: Relevant
content means that it the content is related to the deliverables
that your group members discussed during the semester. In the
interest of conciseness, you may want to inform the viewer the
various types of risk discovered by group members and then
focus on just one or two to highlight in your presentation. ]
0.00 %
70.00 %
100.00 %
All group members are engaged.[footnoteRef:16] [16: All the
group members should contribute to the discussion for
approximately 90 seconds. ]

0.00 %
70.00 %
100.00 %
organization.[footnoteRef:17] [17: The presentation should be
free of grammatical errors, formatted well and organized. That
is, the presentation flows well and does not appear
disorganized.]
0.00 %
70.00 %
100.00 %
Grading Rubric for Deliverable Five
Good to Very Good
Reflection is clear and concise.[footnoteRef:18] [18: A
reflection is clear when other people who are not used to your
writing style is understandable. It is concise when you say what
you have to in as little words as possible. Do not go off in
tangents.]
0.00 %
70.00 %

100.00 %
Reflection is thoughtful.[footnoteRef:19] [19: Your reflection
is thoughtful when you have given much thought and
contemplation to what you want to express. It should not be
rushed and put together at the last minute. You should write a
few paragraphs and then reread and refine the words that you
would like to express, adding bits and pieces to the point you
feel that you have made a statement that you are satisfied with.]
0.00 %
70.00 %
100.00 %
Discusses lessons learned.[footnoteRef:20] [20: Your reflection
should incorporate lessons that you learned.]
0.00 %
70.00 %
100.00 %
organization.[footnoteRef:21] [21: The reflection should be
free of grammatical errors, formatted well and organized. That
is, the discussion flows well and does not appear disorganized.]
0.00 %

70.00 %
100.00 %
Appendix C, Frequently Asked Questions (FAQs)
In this appendix, I share some questions and comments that
prior students have expressed and my response to them. You
may find these helpful to clarify what is on your mind.
Additional General Questions Concerning the Term Project
If I submit work late, do I still get credit for it?
You lose 50% of the value of the deliverable it is late. If you
do not submit it, you get a zero grade for the term project. This
is a semester long project with strict deliverable dates. The
outcome of a deliverable informs the next deliverable and your
group members are counting on you to perform timely.
Additional Questions Concerning Group Work
If we are not able to reach team member assigned to our group
via email, what can we do?
For the first couple of weeks in a new semester, communicating
with group members may be a slow process. Some students may
still be weighing whether to remain in the class and do not want
to commit just yet. If students do not communicate after the
last day to drop the course without incurring a “W” grade, you
are to let the instructor know immediately. Nonresponsive
students may be reassigned into a “nonresponsive” group to
allow other group members to advance the term project without
worrying about nonresponsive group members. My past
experience is that those reassigned into a nonresponsive group
do not fair well in the term project or the overall course.

If during the semester a responsive group member becomes
unresponsive for no apparent reason after a reasonable period of
time (usually about a week), you are to let the instructor know.
From past experience, some students had to leave the country on
a family emergency and had no way to communicate, or they
became sick and were admitted to a hospital, or experienced
some other ailment that was debilitating. Have patience with
those students who are normally responsive and suddenly
become unresponsive. There may be a good reason for it. But
just don’t wait several weeks go by before letting the instructor
know.
Do I have to submit the documents in some special file type or
format?
Deliverable one has to be an excel spreadsheet. Deliverable
two, three and five have to be in a Word document. Deliverable
four in a PowerPoint document. Word files should be single
spaced. Ultimately, when you upload the document, your
instructor must be able to open it. Make sure the file opens in
Microsoft and Apple products. If the file cannot be opened,
don’t expect the instructor to hunt you down to get a document
that opens.
I work better by myself. Do I really have to work in groups?
What is the difference between group collaborative work versus
individual work for each deliverable?
Yes, for numerous beneficial reasons, I have placed you into
working groups to help facilitate your learning for deliverables
one through four. Assigning students into groups to work on
deliverables one through three allows you to freely collaborate
with each other without the pressure of a “group” grade. Group
work allows you to connect with each other and share each
other’s knowledge to help you get through each step of the term

project. Some students get stuck and need someone to
communicate with to get through a deliverable. For example,
one past student commented, "[Group collaboration] certainly
helped to chat with team members to bounce off ideas, or
reconfirm that you're on the right path and can share your
opinion. For example, I was struggling about 2016 and 2015
data for analysis and only through conversation with team
members did I realize to just leverage the previous year’s
annual reports. That one suggestion saved so much time and
pressure to figure out what to do."
Some students prefer to work alone and feel that they have no
need for help at all and can breeze through each deliverable.
While it is a nice trait to be able to work independently,
working alone denies a valuable opportunity to help shepherd
those students who need help. I expect that you try your best to
mentor others assigned in your group to help them better
understand the material that you may find easy. Those students
who need help are expected to reach out to their group members
and ask for help.
This approach has been working with great results in past
semesters, with different types of accounting courses, both
undergraduate and graduate, and in different modalities: online,
hybrid and in-class sessions. Demonstrating the ability to work
in a group, especially under adverse circumstances is a valuable
and sought after trait in the business world. Going through
repeated group work exercises will help you hone your skills
and prepare you better for job interviews and promotional
opportunities.
Deliverable #1, #2, and #3 are individually graded, but we work
in collaboration. What exactly does that mean?All deliverables
except for #4 are individually graded, but when I read further it
seems like we must work as a group for #1, #2, #3, and #4. It is
confusing.

Collaborators are meant to serve as helpers and facilitators. For
deliverable #1, each member of the group creates their own
spreadsheet. For deliverable #2 and #3, each member of the
group creates their own risk analysis. Each member of the
group can work at their own pace for each deliverable, and will
ultimately be graded individually for their own work. However,
each group member is expected to get their spreadsheet or risk
analysis completed and reviewed by another group member in
coordination with the assigned team leader, in a reasonable time
frame to allow a timely submission.
Everyone in the group does not have to upload deliverable one
at the same time, or even on the same day. However, it must be
uploaded by the due date. There may be instances when one
group member is experiencing issues in their life and cannot
upload their spreadsheet until the last day, or possibly late.
That should not bar others from submitting their spreadsheet
timely.
If one group member does not submit their deliverable #1, #2,
or #3 timely, will that affect the grade of others in the group?
No, it will not affect the grade of others in the group. Everyone
is graded independently. Students that submit late usually deny
themselves of a review of their work and deny other group
members the opportunity to review the work.
What if committed to my group to take care of certain tasks and
subsequently I experience a temporary issue to get the tasks
done timely?
This could happen to anyone, and it does happen. It is
reasonable to expect that someone in your group will commit to
a task and for some unexpected reason cannot complete the task
timely. How you deal with it is what is important. It is

expected that all group members be sensitive that an unexpected
event could happen to them just as easily as it happens to
someone else. For the group member that this unexpected event
occurs, it is your responsibility to articulate in some fashion
that respects your privacy yet gets the point across that you are
trying to work through an issue that requires your attention. An
approximate timeline to resolve the issue, if known, should be
communicated to your group members. For the group members
who can continue to work uninterrupted on agreed upon tasks, it
is expected that you will be reasonably patient and
understanding while your group member sorts through their
temporary issue. You may even consider helping that group
member get through their task. Always keep in mind that one
day you could be the person with an unexpected issue to deal
with. How would you want to be treated?
It is also expected that if an unexpected event becomes more
permanent and you can no longer contribute to your group and
must withdraw from the course, common courtesy will dictate
that you inform your group members and instructor so they can
make good decisions how to proceed with the rest of the
project. You don’t have to provide a reason, but you should let
other members know you will no longer be participating.
Can work be split up between group members?
No. Each group member has to create their own work. You can
collaborate by discussing and sharing information, and have it
reviewed by other group members, but ultimately each group
member is responsible for their own work and their own timely
submission.
I would like to meet with my group in-person or using some sort
of video-meeting mechanism to streamline the process. I need
options as my schedule may not align with my teammates’
schedules.

Meeting in person, as much as that would be helpful,
encouraged and ultimately very beneficial, may not work for
everyone in an online class environment, especially in a
pandemic. Although statistically the vast majority of online
students live/work within commuting distance of the school they
attend, schedules may not align perfectly, posing a challenge for
some of you. Some of you are in more remote locations and
find it impossible to physically meet. Even in an in-class
meeting environment, some students just attend class and leave
the school immediately due to other commitments. Fortunately,
CUNY as well has hundreds of other schools are moving in the
direction of more and more video collaboration and other online
collaborative options. The working world is continually moving
to video conferencing and conference calls. You are strongly
encouraged to take advantage of it to discover efficient ways to
work within your groups. This particular project allows for
students to work collaborative in online, hybrid or fully in-class
meeting environments.
I don't believe a team approach is meant for deliverable one
simply because everyone can have a different task (one takes
care of horizontal analysis, another takes care of vertical
analysis, etc.). We can divide up the work more efficiently.
Work in deliverable one through four is meant to allow
collaboration and to help each other share knowledge. As
pointed out, it would be a challenge to really learn the objective
of deliverable one if each group member divided tasks. In fact,
it would be counterproductive and will not achieve the learning
objectives. It is best to approach the deliverable one task by
individually developing your own spreadsheets, but with group
member collaboration to constructively critic each other’s work
to make it better. From what I observed in past deliverable one
submissions, collaboration has not been done to the extent that
it should. The peer review process has always been encouraged,

but not taken full advantage of. You can miss valuable skill
building by not having your work peer reviewed. As one of my
former students once commented, “What we can do as a team is
to share tricks and effective way of doing things in excel.”
Teammates may not work or live near me. I work at a different
pace. Can’t I do the project by myself?
In the business world, there is a growing trend that your
colleagues at work often do not work or live near each other.
This project gives you an opportunity to explore better ways to
deal with distance issues within your group to align the pace of
each group member more closely. Although almost impossible
to achieve total pace alignment, it is skill that needs to be
developed in order to help make better business decisions.
Additional Questions Concerning Deliverable One:
Spreadsheets and Data
I may have underestimated the magnitude of data we would be
analyzing. Do I really have to analyze all this data?
This is often the case with these types of projects. However,
many jobs requiring interaction with accounting functions are
underestimated in terms of time and commitment. This project
helps to expose this reality to newbies to the accounting world,
and reinforcing it with the more experienced accountants.
For deliverable one, can I use ratios other than the ones that are
required?
You have to calculate the required ratios. This allows your
group members to discuss outcome where everyone can
participate in a discussion. In addition, you may use other
ratios that are particular to the industry you are analyzing or if
they are interesting to you.

A company I looked at reported $750.9 for other long-term
liabilities in 2017 for the balance sheets in 2018 form 10-k, and
$755.3 in the 2017 form 10-k. Which amount should we use?
This is always an interesting observation. When comparing the
2017 and 2016 financial statements, data on some balance sheet
accounts are different for the same line items. In other words,
the ending balance for some balance sheet accounts reported in
the 2016 10-K did not carry over to same 2016 balance sheet
accounts reported in the 2017 10-K. This is not an infrequent
occurrence. Here is an example to help you understand this
phenomenon. Let us say that ABC Company's form 10-K for
2017 may report accounts receivable for $10,000 in 2016 and
$11,000 for 2017. However, for the 10-K filed in 2018, the
2017 accounts receivable may be reported at $10,900. There is
an obvious discrepancy between the reported amounts for the
same year.
Therefore, for analytical purposes, a question arises. Which
figure is the correct figure to use when analyzing a company?
Should you use the originally reported figure in the earlier year,
or use the adjusted reported figure in the later year? I have no
definitive answer. It is probably worth an academic article to
research. However, there is some guidance to help you
understand why those phenomena occurs. In the Term Project
Folder, you will find an article, "A Closer Look at Financial
Statement Restatements”, which explains these phenomena and
will help your make a final decision on what numbers to use.
Two schools of thought come to mind to decide what number to
use. Some people may argue to use the original figures because
these were the figures reported at the time investors/creditors
made decisions. Others may argue that although at the time that
investors/creditors made decisions, adopting that thought
process waters down the predictive value of the financial
statements. In the end, as someone making a business decision,

you have to make the choice which figures you are using and if
ever called into question, defend your decision. Reading
through the article may help you understand how to potentially
defend a decision. One could argue that there is no right or
wrong answer, just preference anchored to a purpose.
This may not be the answer that you may want to hear, but not
everything is clear cut in accounting.
It would have been beneficial to download the Financial
Statements in Excel format instead of having to write the
accounts and figures all over again. That would have saved
plenty of time. However, I do believe by entering the data we
became more familiar with the accounting terms.
It may be beneficial to download an excel file containing the
income statement, balance sheet and cash flow statement.
However, doing so impedes most people from developing
familiarity with public firm’s actual accounting classification
terminology, especially newbies to accounting who do not deal
with public company data on a regular basis. Transferring data
manually to develop familiarity is one of the primary purposes
of deliverable one. As one of my former students once
commented, “You need to touch and feel the numbers, build the
statements, and it makes you want to understand your creation.”
I found creating the charts a bit difficult as I haven’t done that
exercise in a long time. Do I really have to create charts? I
never use them in my current job and I don’t think I will ever
have to create them in any future job.
As far as the charting is concerned, it is critical that you learn
data visualization. Besides excel, I encourage you to learn the
basics of Microsoft Power BI and Tableau. At the Data and
Analytics conference sponsored by the American Accounting
Association in June 2019, there were 263 accounting professors

there from all over the country and internationally. All of them
were learning the latest in data gathering and visualization
techniques. These techniques are being incorporated in
accounting and business programs at a faster and faster rate.
High level managers from EY and Deloitte were also present
and all they talked about was the pressing need for their
employees to be able to visualize data. This is the future of
accounting and business. Graphing in excel should be second
nature to you. If it isn’t, make it so. It has become a basic skill
almost every employer will demand of you.
For the charts in deliverable one, can I use whatever type of
chart that I want?
This is a common question regarding charting. Which type of
chart should you use? For horizontal and ratio analysis, two-
dimensional (2D) line graphs are effective visualization tools.
For vertical analysis, bar graphs are effective visualization
tools. However, it is important that lines are not bunched
together in your chart.
When I create a two-dimensional line chart for horizontal and
ratio analysis, my lines are bunched together (one line appears
to sit on top of another line), and I cannot clearly see which line
is which.
To avoid bunching of your lines in the chart, you have to
increase the increments between numbers on the y-axis of the
chart. For example, instead of labeling numbers on the y-axis
1, 2, 3, etc., consider labeling them 1.5, 2.0, 2.5, 3.0, etc. If
that does not work, label them with even greater increments
until the lines do not sit on top of each other.
Why do I have to submit deliverable one on an Excel
spreadsheet and not a pdf file? I am good converting excel
spreadsheets into pdf’s.

An Excel spreadsheet will contain the formulas and other
information that you used to create your spreadsheet. When
converting to a pdf, the audit trail of how formulas were used
and how they tied into other areas of the spreadsheet is lost.
Some students attempt to create a pdf from an excel
spreadsheet, but do not possess the skill to do so and formatting
is off. The most common problems are the data is cut off from
one page and does not appear on another, or data bleeds into
other pages without appropriate column headings to understand
what the data relates to. In order to avoid readability issues,
only an excel spreadsheet is acceptable. While it is appreciated
that some students may have knowledge to properly format an
excel spreadsheet so it is readable in a pdf, an audit trail must
be maintained.
Additional Questions Concerning Deliverable Two: Company
Level Risk and 10-K Analysis
Although teamwork was encouraged, my teammates and I were
individually trying to gain as much understanding of the
information as possible. We ultimately agreed that it was indeed
quite a daunting task in figuring out the risks from the bounty
of information. Connecting the information we gathered from
the statements and deducing risk association was a bit difficult.
How can it be made easier?
Deliverable two can be a daunting challenge. That is why you
need to focus on one or two risks and do not deviate until you
understand them well. The following is some more guidance if
you are still stuck on what to do and how to do it - which you
can apply to the deliverable three hospital facility level risk
analysis as well.
Connecting risks to the financial statements becomes so much
easier when you can answer the question: “If something were to
happen to your chosen hospital, be it good, bad or indifferent,
what would be the effects on the financial statements, and how

do they reveal itself in the vertical, horizontal and ratio
analyses”?
The following is an example how this process can work. Let's
say the price of mattresses could suddenly rise because of a
coup attempt in a country where your hospital imports a
significant amount of mattresses. The government could
become unstable. Transportation lines could be disrupted. The
price of fuel could spiral out of control. So many things could
happen. Then ask yourself, “From an accounting perspective,
what do mattresses represent to your company”? Is it a supply,
inventory, a fixed asset, a liability, an expense, etc.? Once you
understand its classification, which is a fixed asset, you need to
understand how it is reported, which is a long term asset.
Where is a long term asset found? It is found on the balance
sheet. If the price of mattresses rise, what happens to the
balance sheet? The price paid for fixed assets rises. Given all
else equal, the price rise would reveal itself in the horizontal
and vertical analysis, as well as the long-term (fixed) asset
related ratios. How would increased prices affect the income
statement? If your company increases prices on its hospital
beds, revenue would increase, not because the overall sales
volume increases, but the cost of the mattresses increase, often
forcing occupancy price increases. How would that affect the
financial statements and how would these effects reveal
themselves? Theoretically, gross profit could increase, decrease
or remain the same.
The price of mattresses that I just elaborated may or may not be
part of the discussion that management chooses to disclose in
its risks or any other place in the 10-K. Some hospitals may
have had to replace all their mattresses due to the coronavirus.
Mattresses are not cheap. If this is a risk you chose to examine
in deliverable two, I would look for any discussion on price
increases/decreases and understand how management is framing
the discussion to see if it conforms to what you are seeing in the
horizontal, vertical or ratio analysis (quickly viewed by looking
at your graphs). This takes us back full circle to the question

“If something were to happen to your company, be it good, bad
or indifferent, what would be the effects on the financial
statements, and how do they reveal itself in the vertical,
horizontal and ratio analyses”? But now you rephrase the
question to state, “What is management saying if something
were to happen to my company, be it good, bad or indifferent,
and does their narrative in the 10-K conform to the effects on
the financial statements, and are those statements consistent
with the vertical, horizontal and ratio analyses outcomes”?
Let us take another possible approach. You may be able to
think in terms of the purpose of the financial statements and
how their purpose may be compromised. If the purpose of the
Income Statement is to report Revenues and Expenses and the
ability of a company to make a profit, what events could
compromise the ability of a company to make a profit? In other
words, what events could diminish the company's ability to
produce revenue or control expenses? If you recall from your
readings, the purpose of an asset is to produce revenue. If an
asset is compromised, its revenue producing ability could be
diminished. So, what events could cause assets to not produce
revenue? There are many situations whereby that can occur.
For example, if an item of inventory which is an asset is stolen,
it can no longer produce revenue since it is no longer for sale.
Normally, if a company sold inventory for cash, it would debit
Cash and credit Sales Revenue. If the inventory item was
stolen, that entry will never be made and therefore, a credit to
Sales Revenue no longer is a possibility. When creating an
income statement, that item of stolen inventory will never
produce a sale. Therefore, Revenue is decreased and thus, so is
net income. When you review the 10-K, especially the risk
factors, what does management discuss about inventory controls
to mitigate the risk of theft of inventory? What is the effect on
the liquidity ratios?
Let's examine this via the balance sheet. The purpose of the
balance sheet is to report the financial condition of the company
at a point in time, specifically reporting assets, liabilities and

equity. A company's ability to control liabilities is a very
important to an investor/creditor. If assets remain the same, the
more liabilities a company incurs, the less equity it will have.
The less equity a company has, the less the owner's have to a
claim on assets. A problem that many public companies face is
controlling the debt/assets ratio. The more debt, the more a
company has to make its assets produce revenue in order to pay
back liabilities. So, understanding how a company controls its
debts is critical. What situations do you know of that could
cause debts to rise or go out of control? These would be risks
to a company. Consider the following. At a certain point, the
more a company borrows, creditors will make assumptions that
it is riskier to lend money to them. Creditors signal this by
charging higher interest rates and impose shorter pay back
periods, as well as less more restrictive terms. Some of these
restrictive terms could come in the form of debt covenants
which may state that if certain ratios trend negatively, it may
trigger loans to be called (that is, to be paid back immediately).
For instance, a debt covenant could require a company to
maintain a current ratio of 2:1. If the company falls below it
for two straight quarters, they may call the loan due. If you
were privileged to this information, you have ask yourself,
“What risks could cause the current ratio to fall below the 2:1
threshold in my example?” From your deliverable one
spreadsheet, you now know the numerator and denominator
components of a current ratio so you can figure it out. What is
it that management discusses about its debt that may affect the
balance sheet? How does management disclose it? What is the
trend? What is management doing to reduce the risk of rising
debt?
We could spend all day discussing potential risks to a
company. Companies have dedicated staff just looking into
these types of issues. How they examine risks, how they
disclose them and what they choose to do about them varies
from company to company. How they affect the financial
statements varies from company to company. What you will

probably discover is that management discusses certain risks at
length and others barely disclose anything, if at all.
When analyzing risks in deliverable two, there is no right or
wrong answer. Just your best interpretation of the situation you
are analyzing to help you understand a new approach to making
good, informed business decisions. As you can see from the
grading rubric, this deliverable is not graded whether or not you
identified the “right” risk and analyzed it for a specific, correct
answer. The grading is based more on a process of identifying
risk, demonstrating how it can be tied to the financial
statements from your perspective and supporting your rationale,
understanding ratios in your analysis, and of course, your
presentation.
It does take practice to get good at this type of analysis and you
certainly may not be used to it, even for experienced
accountants. In fact, several of my former students who were
high level, experienced working accountants expressed that this
approach was very beneficial, and they learned a lot of new
things. That is another reason why this project is divided into
deliverables and a team approach is best to collaborate, sharing
ideas and insights, and try to better understand what you are
reading.
This exercise is not difficult. It just takes a little focus to
identify a potential risk, read everything you can about it, and
figure out how it affects the financial statements. The
spreadsheet analysis will be extremely helpful to dissect each
account. I am not expecting a full blown risk analysis. That
would be many pages long. You could write a book on the risks
your company faces. I want no more than two pages, single
spaced to discuss your findings. Keep it short and concise.
I am still having difficulty understanding which accounts I
believe could be affected by the risk I identified and how they
could affect the accounts disclosed in the balance sheet, income

statement, and statement of cash flows.
Using journal entries is a practical approach to demonstrate how
accounts could be affected. For example, let’s assume your
company identified that it could be sued for making coffee too
hot. What journal entry would your company make in its books
if several customers actually did burn themselves and they
decided to sue your company? This accounting falls under the
topic of contingent liabilities. If a loss event is probable and
reasonably estimated, your company would make a journal entry
debiting an expense account and crediting a liability account.
Companies have discretion in what they actually name these
accounts, as long as they are expense and liability accounts.
Let’s assume your company debits Lawsuit Expense and credits
Estimated Lawsuit Liability. Furthermore, they expect litigation
in this matter to take longer than one year, so they classify the
Estimated Lawsuit Liability as long term. The Lawsuit Expense
has nothing to do with the cost of inventory, and therefore it is
an operational expense. The Lawsuit Expense account affects
the Income Statement, and the Estimate Lawsuit Liability
affects the Balance Sheet. Therefore, various ratios in a ratio
analysis would be affected.
How would your vertical, horizontal and ratio analyses be
affected by a lawsuit?
Continuing the hot coffee spill lawsuit example, increasing a
lawsuit expense would affect vertical analysis by altering the
overall expenses to revenue ratios. It would also affect the
overall mix of operational expenses. It would only affect
horizontal analysis if there are other lawsuits existing that are
recorded in the books, otherwise it would be a new account
entered into the horizontal analysis. It could affect ratio
analysis multiple ways.
To understand how it may affect ratios, you first need to

familiarize yourself with the vast array of ratios that exist. In
this course, we only focus on a relatively small amount of ratios
to make this project more manageable. Once you have
familiarized yourself with the ratios, you must deconstruct
(break apart) the components of the numerator and denominator
of each ratio. For example, let’s assume that you have
familiarized yourself with the long term debt to long term assets
ratio (a measure of solvency). This ratio measures how much
long term debt a company has relative to its long term assets. A
long term debt to long term assets ratio of 1:2 means it has $1
in long term liabilities to $2 of available long term assets to pay
that long term debt. That further means that out of all its
Property, Plant and Equipment, it can pay off all its long term
debt. If a company is sued and records a journal entryhe long
term debt to long term assets ratio increases because the
numerator gets larger while the denominator remains constant.
When your company settles the lawsuit, it lowers its long term
liabilities, but also uses its short term assets (using cash). The
settlement not only will affect the long term debt to long term
assets ratio, but also the current ratio. If you deconstruct the
current ratio, you will see that the numerator consists of current
assets and the denominator consists of current liabilities. Cash
is a component of current assets, while long term liabilities are
not a component of current assets. Understanding mathematical
operations related to fractions would help you better understand
how ratios are affected.
Many transactions affect ratios in different ways. Depending on
the user of financial information, your choice of ratio analysis
can be widely affected.
Should I select a risk that is broad or narrow in scope?
Generally, the more broad the risk, the more difficult the task to
tie them to the financial statements. Additionally, it will be
more difficult to discuss them in a concise, coherent
discussion.

Here is a case in point. A few of our students in past classes
attempted to tackle strategic or financial risk to the company
and tie specific indicators in horizontal, vertical and ratio
analysis. Those are among the broadest and toughest risks to
tackle. You have to clearly define strategic or financial risk
before you can proceed. Therefore, these broad issues are not
recommended for this type of project.
The better types of risk to analyze are much more specific,
occurring within strategic or financial risk. Examples include
the risk of not collecting money owed on accounts receivable,
or the risk of a machine that makes a specific imaging
(equipment) being recalled and therefore the hospital facility
can no longer produce revenue on the imaging, or the risk that a
vendor they deal with goes out of business and therefore a
supply chain in inventory disruption occurs.
As you conduct the hospital facility visitations (virtual or from
a distance), you have to keep in mind to identify risks that are
simple and easy to understand, and could occur in any of the
your company’s locations. Perhaps I can yet explain more
specific and manageable risks to discuss through the story about
the kid who starts a lemonade stand.
Let us start from the point that a little girl has started a
successful lemonade stand on the corner of her street. All the
kids in the neighborhood love and buy the lemonade. The girl
used a secret recipe her grandmother gave her which she has
sworn never to reveal. Let’s say that a boy in the neighborhood
is entrepreneurial and approaches her to expand the lemonade
stand business to another location in the next neighborhood and
split the profits. The boy saved money from his paper route and
is willing to invest it to build another lemonade stand. In order
to make a good business decision, the boy needs to understand
the risk of investing his time and money into the business.
Fortunately, the little girl took good notes of the finances of the

business, documenting all sales and expenses. Her Dad the
Accountant even taught her to create a balance sheet, income
statement and cash flow statement.
The boy has to assess the probability that the business will
continue and be profitable. He performs a risk analysis and
identifies various risks of expanding the lemonade stand
business. What if another kid opens up lemonade stand
nearby? What happens if the price of lemons, or sugar
increases? What happens if the kid has to pay another kid to
operate the stand? What happens if the health department
requires them to get a special lemonade stand license? What
happens if a kid makes lemonade without washing their hands
and someone gets sick from the product? What happens if the
lemonade stand was not constructed correctly and a kid gets
hurt and the parents sue the girl’s parents? Speaking more
globally, what happens if tariffs are implemented that affects
the price of sugar? What if a devastating fungus hits lemons
trees in the southern portion of the North America, where a
significant amount of lemons grow? What happens if her
Grandmother thinks she is sending an email just to her
granddaughter giving her the secret recipe for the lemonade, but
she accidently sends it to someone else in the neighborhood who
tells everybody (an unintentional disclosure) else in the
neighborhood via a Facebook posting? Okay, some of these
risks I discussed maybe a stretch from reality, but I think you
get the point. Anything good or bad can happen to a business.
Use your imagination and common sense what those events
could be.
Once the boy can assess these risks, he will have to ask himself,
if one or more of these events happen, how will affect the
financial operations of the business? Can the boy use any
financial tools to figure it out? Yes, he can use horizontal,
vertical and ratio analysis to get a clearer picture how these
events could affect the business. He can further visualize the

data with charts. Let’s say he is most concerned about another
kid in the next neighborhood opening up a lemonade stand as a
competitor. What does competition mean? If you were selling
something and a competitor started selling a similar product to
yours, what areas of the financial statements would it most
likely impact? Probably revenue. A competitor could take
away sales. If enough sales are diverted from the business to a
competitor, another problem to deal with is controlling
expenses. In the lemonade stand example, if a kid opens up a
competing stand nearby and sales are drawn away, the boy will
have inventory that may become stale and obsolete. Lemons
and ice are perishable, and they have an immediate effect on
cost. The boy will have to control costs by reducing the
inventory and supply levels.
The steps to understanding how risks could affect the financial
statements of the lemonade example can be extrapolated to a
public company like yours. Of course, the issues with a public
company are much more complex, but the principles of
analyzing are similar. You have to start with fundamental
questions and use common sense to understand what
management is saying to the public and how it conforms to the
actual published figures in the financial statements in order to
make good business decisions. Among the many benefits of the
term project, this approach helps to understand this process.
When you conduct your hospital facility level visitations, let
your mind wonder what could happen in that hospital facility
that could also happen to several hundred or thousands of
hospital facilities in the same time frame. It could be a strike
upsetting the supply chain, the way they conduct their policies,
the type of medical testing kit used, an inefficient machine used
in all hospital facities, an ingredient in their consumable
products suddenly known to cause harm, the need to refurbish
furniture, etc. Those are just some of the many, many visual
things I could sit in a hospital facility and think of. A strike

affects inventory (revenue, assets, expenses), policies affect
Human Resource and salary issues (liabilities and expenses),
coffee and cocoa beans affect inventory (revenue, assets,
expenses), harmful consumable products affect possible
lawsuits (liabilities and expenses), refurbishing furniture (assets
– particularly cash).
Other issues that are not so apparent could be the mix of
inventory or whether they use LIFO or FIFO. What depreciation
methods and assumptions are they using? Is a hospital bed
supposed to be depreciated over 2 years, 3 years, 5 years? Does
it have any salvage value? How does the choice of a
depreciation method affect the financial statements? How do
they accept payment? Cash, credit, prepaid store value cards,
their app? What could go wrong with these methods? How are
they paying for their inventory – cash or credit. If credit, what
are the terms (affects current and acid-test ratios).
Additional Questions Concerning Deliverable Five: PowerPoint
Presentation
The fourth step in the term project requires you to prepare and
present (that is, communicate) your findings to the class. This
is a recap of your entire term project presented in a clear and
concise manner. In a 6-8 minute narrated PPT presentations,
you are to present one to two slides for each deliverable
summarizing results of any information/analysis you found most
interesting."
What I did not state for deliverable four is how to make the
presentation and your audience. You do not have to make a
video presentation whereby you are in the video. You should
voice narrate it if possible. Your audience is general in
nature. You are not speaking to the instructor. You are
speaking to anybody who potentially would like to understand a
little bit about your company. The audience could include
potential friends or family who may want to buy your

company’s stock, or an investment banker who is considering
buying a large stake in the business, or a banker who is
considering giving a loan to your company, or your teacher who
wants to understand what you learned. Keep in mind that you
are not making a full blown financial analysis of your company
- that would take months and a lot more accounting knowledge.
This presentation is just a little slice of the financial analysis
pie in your little corner of the world and you are telling your
story about what you learned. Don't go crazy making slides that
fade in and out, or making them spin, or creating letters that
fragment when disappearing. Although these affects jazz up a
simple presentation, they are not necessary and in fact,
discouraged. Keep the presentation professional looking.
For the group PowerPoint, how long should the presentation
actually be?
I don't have a hard and fast rule for the length of this
presentation. I stated in the instructions that it should be about
6-8 minutes. That is your target time frame. It can be longer or
shorter. It could be as little as five minutes (but I don't see that
as possible given the magnitude of the project summation), or
20 minutes (but such a long presentation will be a tremendous
amount of work on your part, classmates may not view it in its
entirety, and your PPT file sizes will magnify).
Keep in mind that there are many groups in the class. If you
had to view six other presentations posted on BB, each 20
minutes long, it is 3 hours of viewing. With everyone having
busy schedules and preparing for the final exam, I highly
suggest keeping things short and sweet. Say a lot in as little
time as possible, but keep it interesting.
For the group PowerPoint, we are still confused how to present
the slides. Can you offer any more advice how should we
present our PPT?
In any good presentation, you are telling a story. In this

presentation, you are telling a very short story about your
project, deliverable by deliverable. If you were to tell the story
of what you did for your term project to your friends/family,
what would you say to them and how would you show them in
just few minutes? The probably is high that you told a close
friend or relative about this term project and what you had to
do. What story did you tell them? You may be able to draw
from those stories and integrate it into your PPT.
If you were to summarize in one or two slides per deliverable
how this project enlightened your skills in accounting, and
wanted to show your friends, family, classmates, potential
recruiters, employers, colleagues, school administration, etc,
how would you present it?
Showing what your group members learned during the length of
the term project and why it is interesting is the bottom line.
What is considered "enough" is for your group to encapsulate a
cogent summary of the project?
What is “enough” is when you start losing your audience
because it is too long, or too complex to understand, or it just
becomes uninteresting.
What shouldn’t we presentation in our PowerPoint presentation?
There is no need for any type of long introduction about your
company. Who runs the company, when it was founded, where
it is headquartered, etc. should be very concise. The project is
not about those details. Just skip the heavyt intro stuff you
probably would make in other classes and get right to the heart
of the matter. I want to hear your story about what you did and
learned, not your company’s story.
Are there specific points that we have to address in the
PowerPoint slides?
Within your group, if you can identify one or more abstract or
difficult accounting concepts that you read in the textbook that
was made much clearer because of this project, discuss it. The

main point of this project is to make abstract or difficult
accounting concepts easier to understand.
Does each member in our group have to upload the PowerPoint
presentation?
No, only one person on behalf of the group (the selected
deliverable four group leader) should upload it in Blackboard.
Once graded, all members of your group will have the grade
posted and available for you to see in your My Grades section.
The grades for the PowerPoints will only be available to the
group who submitted it.
Do you have to use SafeAssign or TURNITIN for our
PowerPoint?
Depending on the school’s policies, some work is required to be
submitted through a plagiarism tool. Generally, we make our
students use plagiarism tools.
Additional Questions Concerning Deliverable Five: Individual
Reflections
Why can’t I collaborate with other group members to help me
write up my reflection?
The individual reflection is personal. It is meant to allow you,
as an individual to express how you feel this project helped you.
Appendix D, Submission Top Sheet
Prof. F. Kass
Term Project Submission Cover Sheet
Course
Section

Term
Deliverable #
Title of Deliverable
Company
Team Members
1
2
3
4
5
6
Team Leader Certification
I hereby certify that:
1. I am the appointed team leader for this deliverable.
2. Each of my team members worked to 100% of the expectation
on this project.
3. If any team member did not work to expectation, I have
indicated next to their name (above) the percentage of the

Health Care Research ProjectByDr. Joseph Foy, CPA

Health Care Research ProjectByDr. Joseph Foy, CPA

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