LP1 Written Assignment: Financial Functions in OrganizationsThis assignment will assess the...

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LP1 Written Assignment: Financial Functions in Organizations This assignment will assess the competency 1. Analyze the principles of business organization as found in the healthcare environment....

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LP1 Written Assignment: Financial Functions in Organizations

This assignment will assess the competency 1. Analyze the principles of business organization as found in the healthcare environment.
Directions: This assignment contains several questions listed below. Please answer the questions in a double-spaced word document that is a minimum of 2 full pages in length. All citation must be in APA format.

Questions:
1. What are the forms of business organizations?
2. What are the primary responsibilities of the financial manager?
3. What type of financial information should be routinely provided to board members?
4. Describe the uses of financial information in a healthcare organization.
5. Describe the financial functions within a healthcare organization.

Answered Same Day Dec 25, 2021

Robert · Accepted Answer

Questions:
What are the forms of business organizations?
The forms of business organisations vary with the nature of ownership. The business may be owned by an individual or a group of people. The various forms of business organisations in USA are: 
· Sole proprietorship: This is the basic form of business which is run and owned by a single individual. The business has limited liabilities which come to an end with the death of proprietor.
·  Partnership-General and Limited: The two forms of partnership are general and limited. A partnership is formed by an agreement between two or more persons to contribute resources for the venture and run the business for profit. A limited partnership is characterised by the limited liability of partners according to the investment done by them. 
· Limited Liability Company: An LLC is a combination of corporation and partnership. LLC is similar in structure with partnership but shows striking differences in terms of state and federal tax implications. An LLC is a separate entity.
· Corporation: It is the most advanced from of business whose constitution depends upon Articles of Incorportaion and Charter.

LP1 Written Assignment: Financial Functions in Organizations This assignment will assess the competency 1. Analyze the principles of business organization as found in the healthcare environment....

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