Distinguish between accounts that are presented in the income Essay

Distinguish between accounts that are presented in the income statement and balance sheet - Essay Example The accounts used in income statement representation or preparation are, revenue, expenses, losses and profit accounts while those that are used in the preparation of balance sheet are assets, liabilities and owners equity accounts. Good example of liabilities and equity accounts are taxes, notes, loans, payroll accounts and many more. It is easier to represent this two difference balance sheet and income statement accounts through a chart of accounts, this is a list of all the accounts that are used to record financial transactions (Berezin, 2005). Current assets this are the materials or goods that one have in an organization or business that are disposable for certain returns within a short period of time , majorly they are the stock of the business and they controls the inflow of cash into the business through a short time. While current liabilities are the debt that ones have to other people or the current debt of the business this is control by the creditors account. To relates the two there is a ratio that is used known as the current ratio this differentiate the two by dividing each other and an increase in current asset through a reduction in current liabilities shows that the business is doing fine, but an increase in current liabilities through a decrease in current asset proof that the business is under duress and something should be done to reduce that short. This is the dependency between the two, ones increase leads to the other decrease. To relate the two through balance creation or changes is an increase in cur rent asset leads to a reduction in current liabilities through payments; thus, reducing the debt or creditors balance while increasing the asset balance in the business (Fields, 2011). Considerations of current asset and liabilities are one of the fundamentals of a business; the relationship between the two is what keeps the business alive and kicking. The two are mainly related to payment terms and inventory policies. This is

Amputation Mishap, Negligence Cited Research Paper

Amputation Mishap, Negligence Cited - Research Paper Example To protect the rights and safety of patient’s certain terms are devised to distinguish between the low qualities of attention paid by Health Care Staff. Negligence is tolerated to some extent, but gross negligence and malpractice raises legal queries and requires authentic actions to ascertain the rights of all. Negligence is an act of failure to provide the required care or attention towards a medical patient, which is his fundamental right. It is a type of slack attitude of carelessness of a health care personal towards the owed responsibility of care and attention, directly affecting lives of people in need of medical attention. If health care staff is unable to provide the legal care with responsibility, which is designed for the sole purpose of care and safety, the personal is said to be negligent towards his obligations. (Ignatavicius,2010).   Gross Negligence is an incurable act of carelessness which comes into the category of extreme negligence. As adults, one is exp ected to be responsible for his actions in professional and private affairs. In healthcare sector mistakes and casual attitude can become a cause of serious damage to the person being taken care of. Thus, gross negligence is intolerable irresponsibility of a nurse, physician or any health care personal, which is lower the ordinary standard of care. It breaches other people’s privilege to protection. ... d as an intentional wrongdoing by nurses of physician, either due to lack of required skill or inability to meet the required standards, which results in fatal injury or death of a person in care. It also includes the deficiency of skill in certain training and failure to see the consequences of his actions. (Kelly, 2008) An article by A. Lowell â€Å"Amputation mishap, negligence cited†, tells the story of Joseph Benson a diabetic 62 year old, who received an amputation on the wrong leg. Benson, who suffered from poor circulation of blood, woke up after the surgery, to his horror he was amputated in the right leg below the knee instead of left which needed treatment. The article states it as a negligent act, but actually it was gross negligence posed by the hospital staff. The gross negligence or malpractice on the part of hospital and physician, who operated surgery, is a case which requires urgent action from the authorities. Benson has not filed a case of malpractice again st the Hospital of Neighborhood, but he completely holds the right to do so. On his behalf the cost of gross negligence by Nurses and Physician, would only be endured by him. Due to gross negligence a legal term in such cases, Benson has faced irreversible loss. Patients suffer greatly especially from low supervision of Nurses. According to NPA (Nursing Practice Act), Nurses are accountable for the decisions they make regarding the patient’s under their care. They have an obligation of taking care of patients regardless of their race, cast or financial status. Code of ethics for nurses is used often in the malpractice cases as evidence where a nurse neglects the need of a patient (Westrick, 2009). In Benson’s case, the documentation was wrong, which specifically directs negligence on the part