Health care Finaacial Accounting

| February 10, 2014

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Please write paragraphs to below with your each response 200 words. Please ensure to substantiate your response with scholarly sources or a personal account of your own experience in the work place.
1. Why is it important that financial accounting systems report performance fairly and factually?
2. What are the differences in financial reports for a nonprofit entity versus a for-profit entity?
3. Accurate reporting is important for a number of reasons. Stakeholders depend on this information to make sound decisions either for operations or simply reinvestment. What about if there are errors in the statements? Tenet Healthcare Corp. stated in an article in the Wall Street Journal that it will restate financial results over five years because of accounting errors on managed-care contracts. The Dallas hospital operator said the restatements would change profit or losses in specific years by 3% to 9%, but the cumulative effect appeared to be small except for an income-tax charge of $47 million for 2004. Tenet said no change is required for its previously reported results for the first three quarters of 2005. It said the restatement followed a probe into managed-care contracts at three hospitals in California. Last week, Tenet said it will pay $215 million to settle charges it misled investors about Medicare payments. Quite a hefty price to pay? Or is it?
Tenet healthcare corp.: Probe into accounting errors leads to financial restatements. (2006, Jan 20). Wall Street Journal. Retrieved from
4. Consider that one of the components of the financial accounting system is managerial accounting. Why is this very necessary for accurate and factual reporting?
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