Discuss the key differences between cash and accrual accounting Explain why most health entities use accrual accounting What is the matching principle Explain and detail what methods of accounting and what types of assets most easily conform to the matching principle What is the revenue recognition principle What are Generally Accepted Accounting Principles (GAAP) Why are they important What is a qualified opinion in an external audit Is this good for the firm Why

Question: Discuss the key differences between cash and accrual accounting? Explain why most health entities use accrual accounting. What is the matching principle? Explain and detail

Discuss the key differences between cash and accrual accounting? Explain why most health entities use accrual accounting.

What is the matching principle? Explain and detail what methods of accounting and what types of assets most easily conform to the matching principle.
What is the revenue recognition principle?
What are Generally Accepted Accounting Principles (GAAP)? Why are they important?
What is a "qualified opinion" in an external audit? Is this good for the firm? Why?

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