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Assignments on Health and Social Care

   

Added on  2020-06-04

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Health and Social Care
Assignments on Health and Social Care_1
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................11.1 Explain the principles of costing and business systems...................................................11.2 Identify information needed to manage the financial resources.......................................21.3 Evaluate the regulatory requirements for managing financial resources.........................3CONCLUSION................................................................................................................................3REFERENCES................................................................................................................................5
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INTRODUCTIONFinancial management is very much significant part of the organisation as well as for thefinance department. This is because it helps the venture to find that what are their income andexpenditure and how they can allot their financial resources to the different activities in order tomeet up with the budget. It is important for the venture to follow the different principles ofaccounting so that they can manage their cost. The report is going to include the differentprinciples of costing and what are the resources and information needed in order to mange thefinance.TASK 11.1 Explain the principles of costing and business systemsThere are several principles that need to be follow by the organisation in order to conducteffective costing, the principles are as follows:Cost is charged when it is incurred: As per this principle, heath and social careorganisation can record their all the expenses in their books of accounts when it is beingactually incurred. Such as when the organisation is purchasing bed of the hospital, in thatcase they need to record the transaction for the same amount at which they havepurchased. Abnormal cost is charged as cost: It is being known that there are several incidents canbe taken place which is unconditionally such as fire, theft in the warehouse. These lossesare also being called as the expenditure. These expenditures are the abnormal cost of theorganisation (Cooper, 2017). The normal cost that related to the production process areused in costing and are considered for comparing firm performance regarding cost. Onthe other hand the abnormal cost which is being incurred are not considered as theproduction cost and are not being charged as the cost centre. Health and care organisationhave to consider those expenditures only which is being incurred in serving the differentservices to the clients. These cost are being considered as the cost of service in theorganisation's books of accountsCost is related to cause:As per this principle, the different cost which is being related tothe different cause, this is because they are originated. The key reason under this1
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