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Hi, I need help with essay on Eco2a. Paper must be at least 500 words. Please, no plagiarized work!
One major difference in the recording of transactions that exists between the two types of organizations in is the fact that profit based organizations maintain only one general ledge whereas non-profit organizations maintains several ledgers depending on the number of projects being funded (Articlesbase, n.d.). Another main difference in the recording of transactions between the two types of organizations is in respect of recording equity. In Non-profit organizations, transactions are recorded under net assets while in the profit oriented organizations, owner’s equity applies.
With the fund management recording system characteristically applied by non-profit organizations, each donation is classified and utilized with respect to the limitations set by specific donors or group of donors. This is, however, not the case for profit oriented organizations where funds are used and classified without such limitations (Articlesbase, n.d.).
In conclusion, the main difference in the recording of information in profit oriented and non-profit oriented organization relates to the maintenance of ledgers, recording of equity, and limitations regarding the use of funds.
Articlesbase (n.d.) For-profit Vs. Non-profit: The Difference in the Accounting System. Retrieved from http:// records management is vital for every healthcare organization. As the name suggests, the medical records department deals with the recording of patients’ medical records. A patient’s medical record includes details of bio-data, diagnosis, medical history, treatments, examinations and tests (Beck, 1989). The department helps in the efficient running of the hospital as well as in the proper care of patients. For example, medical coding and documentation helps provide quality services through the sharing information of patients’ records appropriately.