Each department in a hospital or other healthcare facility is responsible for inventory control, whether it is office supplies, health care supplies, cafeteria food, gift shop items, etc. With that in mind, discuss the following.
- Explain LIFO and FIFO (inventory methods).
- At your workplace or an organization with which you are familiar, what type of inventory method is utilized, last-in, first-out (LIFO) or first-in, first-out(FIFO) ?
- What inventory weaknesses have you encountered? Explain your answers
- If you have not encountered any inventory issues, what type of organization do you think would use LIFO? Which method would a physician practice use and why? Explain your answers.
Accounting can be done from different methods depending on the organization size. Below, you will see letters You are assigned to discuss either Cash Basis or Accrual Accounting. Please discuss the method listed below that is based on your last name (see below). Explain the type of accounting (cash basis or accrual basis) you are assigned and include an example of a transaction for that type of accounting method.