Financial Accounting Practice Set

Innovation in health care in many ways

Let us review our Finacc learning

Make your journal entries T accounts/excel  time limit 30 minutes per group

A doctor decided she will be dispensing physician  because of profits involved and convenience for her patients.  The drugs she is prescribing  is difficult to procure at the the popular drugstore. It is more convenient for the patient to have the injection right there and then (say anti ___ drug)

1.  She invested P10,000 for the venture cash  July 1

2.  She initially bought 10 items of the drugs for P700.00 each cash, She could sell the drugs for P1,200 each. At the popular drugstores the drugs sell for P1,500, quite a savings for her patient    July 5

3.  For the period July 1 to 15, she was able to sell 5 units at P1,200. She was paid in cash

4.  She again ;procured 10 units of the drug  for P500.00 this time on 30 day credit

5.  She was again able to sell 7 units for P1,200 for the period July 18 to 22 cash

6.  She decided she will pay her Sun Cellular telephone bill for P500.00 cash  July 22 2016

7.  She gave a pakuwenselo to her medsec nurse and gave her P1,000.

Compute for cash flow

Income statement

Balance sheet.

May I have the outputs from the groups sent to this post as comments or hard  copy this Saturday?

Understanding financial statements - a review

Innovation in health care in many ways

Ateneo Professional Schools
Makati City
July 20, 2016

Understanding financial statement:

1.  From Slideshare

Understanding financial statements from Geni Whitehouse

2. Genesis of an enterprise



See how the circles become part of Financial Statement

3.  Basic Equation:

   1.  Sales - Cost =  GP

   2.  Assets  = Liabilities + Stockholders Equity

        Equity =   Assets -  Liabilities

  3.   Debit  -   Increases in Assets, Decrease in Liability,    Uses of Funds

        Credit -    Decreases in Assets,  Increases in Liability   Sources of Funds

 4.  Nominal  Accounts  -   Income Statement

      Real Accounts   -    Balance Sheet Account

5   Presentation of  Balance Sheet items are in order of liquidity and priority

6.  Order of Preparation:

     Income Statement

     Cash Flow

     Balance Sheet

Finance and cash management for entrepreneurs from Jorge Saguinsin

7.  GAAP

Generally accepted accounting principles from Jay Armocilla