Cost Acct

Cost Accounting Paper Phonesia Machado University of Phoenix In 1888, the Sisters of St. Scholastica Monastery opened a sensitive Catholic hospital in Duluth, laying the foundation for St. bloody shames aesculapian Center. Under the sisters skilled leadership and sponsorship, St. bloody shames has become one of Minnesotas largest and some highly specialized medical centers, serving patients from across northern Minnesota, Wisconsin and Michigan. Today, our 380-bed medical center offers state-of-the-art care in areas ranging from neurosurgery to oculus care and digestive health services (St. Marys Medical Center, 2008). Although the facilities services continue to garner accolades, the facility realized that its financial accountability and responsibility needed an overhaul as well. Therefore, in 1989 they hired Mr. Charles Windsor to oversee this stratagem (St. Marys Medical Center, 2008). In measuring the performance of the systems implemented by Mr. Windsor, factors such as economic costs and accounting costs must be evaluated. Accounting mesh are usually stated as a percentage return on the capital invested in the business. The normal profit is usually calculated as the fair(a) return on capital for an perfect industry, or the entire country.

Economic profits and losses in the short-run leave a look into the future. In the long-run, a potent or industry that is making above normal profits leave be adequate to retain the resources it already has, and be able to attract additional resources such as land, labor, and capital. A firm or industry that is making below normal profits in the long-run go forth lose resources to the more fat firms and industries in the economy (Barry J. Epstein, 2009). These costs are broken great deal into categories such as profitability, liquidity and efficiency. These classifications, explained in detail will determine overall performance. Profitability Profitability can be barely defined as the ability to earn a profit.... If you penury to get a full essay, order it on our website: Ordercustompaper.com

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