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Financial reporting – Patton-Fuller Community Hospital
Resource: Patton-Fuller Community Hospital Virtual OrganizationReview the financial statements, located in the Patton-Fuller Community Hospital Virtual Organization.•Click on the Virtual Organization link in the “Resources” tab.•Click on the Healthcare tab and access the Patton-Fuller Community Hospital.•Click the Chief Financial Officer link under the Corporate Officers tab to access the financial statements.Write a 350- to 700-word summary that addresses the following:•Annual report, including the Patton-Fuller financial statements ◦How did the audited and unaudited financial statements differ?•Relationship between revenue sources and expenses on Patton-Fuller’s financial performance ◦What is the effect of revenue sources on financial reporting at the hospital?◦How are the hospital’s revenues and expenses grouped for planning and control?Format your paper consistent with APA guidelines
Financial reporting is an essential part of all organizations. It allows them to weigh their efficiency by considering how they utilize resources in line with the revenue they make. According to Nobes (2014), financial reporting also allows an organization to consider setting in place internal checks and balances by checking how the existing methods work best for them. In this review, we will consider the 2008/09 financial statements of Patton-Fuller Hospital. The aspects that will guide this outline are the variations arising from unaudited and audited financial statements, the pattern of spending which is reflected by the relationship between expenses and revenue, the method of grouping both revenue as it has adopted by these statements and the impact that sources of income have on the reporting this statement.