Although Accounting and Finance are two distinct disciplines, the professionals working in these areas often work closely in the health care setting and may even be housed in the same department. Today, we see even more Chief Financial Officers (CFOs) who possess a CPA (Certified Public Accountant) license. Thus, it is important that someone working in health care finance also has a basic understanding of accounting concepts. 

In approximately 150 to 200 words, respond to the following questions. What is an asset? Provide one example of a current asset and explain what is meant by "current asset".  

What is a liability? Provide one example of a current liability and one example of a long-term liability.  

What is the difference between a liability and an expense? Provide one example of an expense.

Answer rating: 100% (QA)

An asset is a resource owned or controlled by a company that has economic value and can be expected ... View the full answer