Prior to beginning work on this discussion, read Chapters 1, 2 and 3 of the textbook on the four elements of financial management. Additionally, you will need to read the What is GAAP? web page and review the An Overview of Management Accounting website.
In your initial post, describe a real-world example of each element by applying it to the operations or planning of a business where you have worked. Next, choose one of the elements and give an example of how you would apply it as the manager for a health care facility (i.e., primary care physician’s practice, a specialty practice, long-term care, clinic, hospital, etc.).
Your initial post should be between 250 and 300 words and cite the textbook and/or the required resources listed/linked in the directions using APA format as outlined in the Writing Center’s Introduction to APA resource.
Guided Response: After reading your fellow classmates’ posts, provide responses to at least two of your peers by Day 7. You will need to address the information below based upon their initial posts. Your guided response posts should be a minimum of five well-developed sentences, with at least 100 words in each response.
In your responses, discuss how a different element applies to your classmates’ scenario. For example, if Student A covers planning for staffing, you must discuss one of the other three elements as it applies to the staffing scenario discussed by your peer.