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.
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.
Accounting covers more bases than just numbers. Accounting methods can be applied throughout a workplace to have a better flow.
Discussion J.W. (100 words)
My takeaway from the videos is the importance understanding the accounting formula is essential for anyone who wants to work in accounting, It’s important to know the debits and credits because that is how all accounting transactions are completed. The placement of debits and credits is also critical, and knowing how to put them into the ledger is essential. By learning the accounting formula, you’ll be able to keep track of all financial transactions and ensure that everything is balanced and recorded accurately.
As a non-accounting employee, it is crucial to have a basic understanding of the accounting methods and how financial statements are created. This knowledge can help you make informed decisions and contribute to the financial success of your organization. For example, if you work in a sales department, understanding financial statements can help you identify trends in revenue and expenses, which can inform your sales strategies and help you meet your targets. Also, having knowledge of accounting methods can help you communicate effectively with your accounting team and ensure that your department’s financial activities are recorded accurately. Also, having a basic understanding of accounting can benefit both you and your organization in numerous ways.
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