As a health care manager, you may have to explain your budgeting variances to your leadership team. Understanding how accounting records transactions will assist you in justifying your situation.
Respond to the following: 175 words
· What are your takeaways from the videos?
· Why is it important as a non-accounting employee to understand the accounting methods and how financial statements are created? Provide an example.
Discussion Y.P (100 words)
What are your takeaways from the videos?
The biggest take away from the videos was the methods of inventory management and the accounting systems. The LIFO method to me was new because as some of my classmates have mentioned in their responses I have also worked with different methods but the way this method was explained in the video made a lot of sense to me. I know very little about accounting and so these videos gave me an inside on what to expect this week.
Why is it important as a non-accounting employee to understand the accounting methods and how financial statements are created? Provide an example
I have always been an advocate for cross training in the work Place In General because it 1s only beneficial have every one at least have the most minimal understanding each of department.
