Generally Accepted Accounting Principles Paper Research

Generally Accepted Accounting Principles - Research Paper Example According to Cleverly, Song, & Cleverly (2010), there are five generally accepted accounting guidelines or principles that are related to accounting for health, namely money measurement, valuation, duality principle, stable monetary unit, and accounting entity. In this paper a discussion will be made on these five generally accepted accounting principles related to health care. Money Measurement Money measurement principle calls for effective recording of all cash flows and revenues that are coming to the organization as well those leaving the organization. Money measurement refers to the measurement of debt obligations and revenue resources accurately so that there is no discrepancy in the accounts of the health care institute. The intent behind this accounting principle is to secure and measure all the incoming and outgoing cash flows of a firm. It is essential to measure the movement of money inside and outside the organization because it is the most basic building block of accoun ting. This particular accounting principle is related to health care field as the flow of money in a heath care facility is quite fluid and money changes hand quickly in the health care industry. ... The reason for valuing assets and costs at historical prices is that it is the only method that provides an objective value of assets and costs (Cleverly, Song, & Cleverly, 2010). Other alternatives of valuation lack the objectivity which the historical cost valuation method provides. The intent behind this accounting principle is to provide an objective account of the values of acquisition cost of assets. In the field of health care this accounting principle is vital to calculate return on investment (p. 187). Also there is no second hand market of assets that are used in the health care industry and therefore it is difficult to estimate a market value for such assets. This is the relevance of cost valuation accounting principle to the field of health care. Principle of Duality Principle of duality is a generally accepted accounting principle that refers to the basic equation that is commonly used in accounting (assets = liabilities +owner’s equity). The principle of duality also refers to the dual effect of every transaction. The effect every transaction is recorded in a way that assets equals the total liabilities and equity of the firm. This principle is forms a very basic pillar of accounting. It provides guidance as to how to account different transactions. The intent of this principle is to make sure that transactions are recorded in way that satisfies the basics of accounting. The principle of duality is the basic pillar of accounting and therefore has relevance to accounting of health care institutions. The basic equation of assets, liabilities, and equity should always be balanced when accounting in the field of health care. In health care field transactions are regularly recorded and therefore to avoid any mistake it is essential to keep this

Seeking creative talents for visual design Essay

Seeking creative talents for visual design - Essay Example Aside from genuine enthusiasm to decorate one’s home, I also love to travel and to immerse myself in varied forms and styles of art in diverse genres. Upon remuneration, I am realized the determination to pursue a career in fashion, interior design and visual communication which brought me to the Fashion Institute of Design and Merchandising (FIDM). A quick glimpse of what FIDM offers immediately enticed my appeal. I chose FIDM for various reasons such as the commitment for the development of creative, innovative and leadership skills in the fields of Fashion, Visual Arts, Interior Design, and Entertainment. The varied options and alternatives of creative majors to choose from give me ample leeway to determine the career paths and the degree programs to pursue. Further, the expanse of industry contacts that FIDM is affiliated with would assist in defining employment opportunities that would help in the achievement of personal and professional goals. Actually, I plan to major i n visual communications due to the diversity in career paths and more varied opportunities open for graduates. As indicated, there are eight possible career options from majoring in visual communications, to wit: fashion public relations specialist, fashion stylist, promotions and events coordinator, retail visual and merchandise coordinator, set decorator, store visual manager, visual design director and visual stylist. I envision continuing to path that I have already. Further, the expanse of industry contacts that FIDM.