Assignment Content
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Answer:
The assignment content requires the students to review the 2009 Budget Issues – Nurses file in the Patton-Fuller Community Hospital Virtual Organization and decide which labor alternative they will implement from the Nursing Statistics memo. They have to create a new 2010 Operating Budget based on their decision using the Week 5 Health Care Budget assignment as a foundation. The students also have to write a 1,050- to 1,400-word paper discussing decision-making processes in creating a budget, explaining the role of variance analysis in maintaining an operating budget, differentiating between managerial accounting and financial management, explaining generally accepted accounting principles applied to the health care industry and how they are applied to the Operating Budget Projection. They have to justify and analyze their labor decision recommendation by presenting numbers related to fiscal management, and analyze the effect of their decision on the operating budget, including the opportunity cost of their recommendation, how it affects employee satisfaction, patient care, and patient satisfaction. The sources cited should be formatted according to APA guidelines.
Introduction:
As a professor responsible for creating college assignments and answer keys for medical college students, the content provided in this assignment aims to develop the students’ understanding of decision-making processes in creating a budget, the role of variance analysis in maintaining an operating budget, and differentiation between managerial accounting and financial management. It also focuses on explaining the generally accepted accounting principles applied to the health care industry and how they are applied to an Operating Budget Projection. The assignment aims to develop the students’ skills in analyzing data related to fiscal management, including the cost of labor alternatives and their effect on the operating budget, employee satisfaction, patient care, and patient satisfaction. The students are required to use minimum of 4 sources formatted according to APA guidelines.
