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Define the basic accounting equation? Why do health care organizations (HCOs) utilize the double-entry accounting system?...

Define the basic accounting equation? Why do health care organizations (HCOs) utilize the double-entry accounting system? Describe how an accounting ledger provides the information needed to prepare the balance sheet and operating statement

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Answer #1

Basic Accounting Equation

ASSETS = LIABALITIES + SHAREHOLDERS EQUITY

Double entry accounting system is the basic accounting system.Health care organizations utilize this method inorder to keep the accounting records quicly accessable and make it relaible .The double entry accounting system is as reliable because of it nature.For every debit there is a credit.this principle is used to satisfy the basic accounting equation.

A ledger keeps the debit and credit transacations of every finacial transcation of an institution .Debit and credit Information of same accounts can be seen easily.Ledger is prepared from the journel. Ledger helps in the creation of the trial balance,from which all the financial statements are prepared.All error or omissions made can be rectified in ledger

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