Provide brief answers to each of the following questions (1-3 sentences).  You can use the following options to submit your assignment: written document, voice recording, video recording, text-to-speech recording, speech-to-text document.

Chapter 1

  1. Explain the primary functions of finance.
  2. Explain the primary functions of accounting.
  3. What are the primary goals of financial management for not-for-profit health care organizations?
  4. Explain how an organization’s liquidity and solvency are related.

Chapter 3

  1. Why is the US health care system considered complex?
  2. What is a third-party payment system? How does this payment system affect the financial management of health care organizations?
  3. What is a contractual allowance?
  4. Why are some charges not reported as revenue for health care organizations?

Chapter 4

  1. What are the two most crucial aspects of this accounting entity concept?
  2. Define the following:
    1. Asset
    2. Liability
    3. Net asset
  3. What are some specific examples of assets and liabilities?
  4. Why do not-for-profit organizations use a fund accounting system?
  5. Why are Generally Accepted Accounting Principles (GAAP) needed?

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