Multiple Choice
Which of the following types of accounting would you most likely need for patient billing in a healthcare organization?
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1. Introduction to Accounting
Types of Accounting
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Which type of accounting is primarily concerned with evaluating supplier selection criteria such as price and financial stability?
A
Auditing
B
Financial Accounting
C
Tax Accounting
D
Managerial Accounting
Verified step by step guidance1
Understand the context of the question: The problem is asking about the type of accounting that evaluates supplier selection criteria such as price and financial stability.
Review the definitions of the accounting types mentioned: Auditing focuses on verifying financial records, Financial Accounting deals with preparing financial statements for external users, and Tax Accounting is concerned with tax compliance and planning.
Introduce Managerial Accounting: Managerial Accounting is primarily concerned with providing information to internal users (management) for decision-making purposes, including evaluating supplier selection criteria.
Explain why Managerial Accounting is the correct answer: Managerial Accounting involves analyzing costs, financial stability, and other factors to assist management in making operational decisions, such as selecting suppliers.
Conclude by emphasizing the role of Managerial Accounting in internal decision-making processes, which includes evaluating supplier selection criteria like price and financial stability.
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