ACC281: Accounting Concepts for Health Care Professionals- Debit/Credit

Debit/Credit

Using your text and at least one scholarly source, respond to the following:  Transactions typically use the double-accounting method of recording, specifically debits and credits.  Explain how debits and credits are posted and the types of accounts that are impacted by each of these transactions.  In other words, do debits impact assets and if so, does the debit increase or decrease that account?  Use this example as you work through the debit and credit discussion question.

Inventory Costs

Using your text and at least one scholarly source according to APA requirements, respond to the following:  Inventory continues to be a challenge for healthcare managers. Using the FIFO and LIFO methods of inventory, analyze the accounting implications of each method.