Chart of Accounts, General Ledger, and Accounting System: HCA 620 Week 5 Discussion 1

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Chart of Accounts, General Ledger, and Accounting System: HCA 620 Week 5 Discussion 1

Chart of Accounts, General Ledger, and Accounting System: HCA 620 Week 5 Discussion 1

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  • Search the GCU Library on the following topics: Chart of Accounts, General Ledger, and Accounting System. Notice how much detail can be included in various financial statements. What accounting data is required for you to write your CLC Business Plan? How can you present just enough information for your reader to get a clear understanding of the financial concerns of your proposal?

HCA 620 Week 5 Discussion 2 Latest-GCU

Search the GCU Library on the following topic: Strategic Planning. Many strategic plans contain financial data. Discuss how you might include this type of financial data in your CLC Business Plan.

Details:

As a culminating project, this assignment has two parts: an executive summary and a project plan created in either MS Project (PC) or Apple Merlin (MAC). Those experiencing problems with Project software may complete this portion of the assignment in Excel. Use prior course information and data gathered for your CLC Business Plan to complete this assignment.Chart of Accounts, General Ledger, and Accounting System: HCA 620 Week 5 Discussion 1

Write an executive summary of your CLC Business Plan.

Write a project plan in Microsoft Project or Apple Merlin. Excel may be substituted as needed.

  1. Examine your CLC Business Plan: Extract the distinct activities needed to start up the business: (a) Identify tasks needed to
    Chart of Accounts, General Ledger, and Accounting System HCA 620 Week 5 Discussion 1

    Chart of Accounts, General Ledger, and Accounting System HCA 620 Week 5 Discussion 1

    complete the project. (b) Develop a completion schedule. (c) Assign resources to project tasks.

  2. Be creative. For example: If your plan calls for three nurses, you will need to plan for hiring, and training. Create arbitrary timelines for each activity. They could be very general (2 weeks to hire, 2 weeks to train) or they could dive much deeper (1 week to write hiring ad, 1 week to place ad, 2 weeks to accept applications, 1 week to review, 3 weeks for interviews, 1 week for offer-letters, 2 weeks to establish in HR system, etc.). Do this for each section of the CLC Business Plan.

Prepare this assignment according to the guidelines found in the APA Style Guide, located in the Student Success Center. An abstract is not required.

 

HCA 620 Week 6 Discussion 1 Latest-GCU

Explain why measuring performance is important in business operations. Choose a business performance measurement tool that does not relate to your CLC and explain why.

HCA 620 Week 6 Discussion 2 Latest-GCU

Consider the following hypothetical situation: You are a human resources manager in a medium-sized hospital. You are writing the job description for an operations manager who will manage finances, evaluate financial performance, and develop financial plans. What skills does a suitable candidate need?

HCA 620 Week 7 Discussion 1 Latest-GCU

Search the GCU Library on the following topic: Operational Plan. What information did you find that is relevant for your CLC Business Plan? Is it included – and why or why not?

HCA 620 Week 7 Discussion 2 Latest-GCU

Read “How to Write a Business Plan,” by Guglielmo. The author provides some advice concerning the management team. What advice would you give to a recent medical school graduate who is seeking to open a medical practice.

HCA 620 Week 8 Discussion 1 Latest-GCU

What management skill do you find most necessary for effective and efficient project management? Why?

HCA 620 Week 8 Discussion 2 Latest-GCU

Describe your approach to tracking a project. What kinds of issues would you focus on if you were a project manager? Why?

The Functions of Charts of Accounts (COA)

 

Companies use chart of accounts (COA) to arrange their finances and provide interested parties with clearer picture of their financial health, such as investors and shareholders. 
Separating expenditures, revenue, assets, and liabilities aids in this endeavor and ensures that financial statements meet reporting requirements.

 

The sequence in which company’s accounts appear in its financial statements is usually shown in the list of accounts it owns. 
That is, assets, liabilities, and shareholders’ equity are stated first on the balance sheet, followed by revenues and expenses on the income statement.

 

COAs for small businesses might have the following sub-accounts under the assets account:

 

Savings account with cash

 

Balance of petty cash

 

Receivables (accounts receivable)

 

Funds that have not been deposited

 

Assets in inventory

 

Insurance that has been paid for in advance

 

Vehicles

 

Buildings

 

Sub-accounts of the liabilities account may exist, such as:

 

The business credit card

 

Liabilities accrued

 

Accounts receivable

 

Liabilities related to payroll

 

Notes to be paid

 

The accounts that make up shareholder’s equity are as follows:

 

Stocks that are traded on regular basis

 

Stock with higher dividend yield

 

Earnings retained

 

Each chart of accounts usually includes name, brief description, and an identification code to help readers locate specific accounts. 
Each chart in the list is given multi-digit number; for example, all asset accounts begin with the number 1.

 

Here’s way to consider how COAs affect your personal finances. 
Assume you have checking account, savings account, and certificate of deposit (CD) all at the same financial institution. 
When you log in to your account online, you’ll usually be taken to an overview page that lists all of your accounts and their balances. 
Similarly, if you use an online software like Mint or Personal Capital to handle all of your accounts in one spot, you’re looking at the same thing as company’s COA. 
On one page, you can see all of your assets and liabilities.
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