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    Health care financial accounting

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    Why are General Accepted Accounting Principles (GAAP) and corporate compliance important in the financial management of health care organizations?

    © BrainMass Inc. brainmass.com April 3, 2020, 3:14 pm ad1c9bdddf
    https://brainmass.com/health-sciences/health-care-management/health-care-financial-accounting-63024

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    Below, I have given you information that should help you get started on your questions.
    Generally Accepted Accounting Principles are the common set of accounting principles, standards and procedures that companies use to compile their financial statements. GAAP are a combination of authoritative standards (set by policy boards) and the commonly accepted ways of recording and reporting accounting information. In the United States, as well as other countries practicing English common law system, the government does not set accounting standards, on the theory that the private sector has better knowledge and resources. The GAAP is not written in law, but the U.S. Securities and Exchange Commission (SEC) requires that it be followed in financial reporting by publicly traded companies.
    GAAP are imposed on health ...

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