Quality of financial reporting, Management of expenses and revenue in Australian Healthcare Sysytem: 2.1 Explain the
Question:
Quality of financial reporting, Management of expenses and revenue in Australian Healthcare Sysytem:
2.1 Explain the concepts of faithful representation and accrual basis accounting. Elaborate how these concepts can be applied to enhance quality of financial reporting in a health or social organisation in Australia.
2.2 Explain ONE major expense and ONE major revenue in a health or social organisation in Australia. Provide example of how movement in this expense and revenue can be influenced by business activities and are recorded in specific financial statements.
2.3 Discuss whether application of concepts discussed in section 2.1 and management of the expense and revenue discussed in section 2.2 could be any different between public or private health or social organisations in Australia.
Expert Answer:
21 Faithful Representation and Accrual Basis Accounting Faithful Representation This concept ensures that the financial information accurately reflects the economic substance of transactions meaning i... View the full answer
