There are three important financial

There are three important financial or accounting statement prepared by accountants. They are the balance sheet, the income statement, and the capital statement.
A balance sheet lists three things : (1) assets, (2) liabilities, and (3) owner’s equity. A balance sheet shows the assets, liabilities, and equity of company at a particular time usually on the last day of fiscal year. An asset is anything of money value that is owned by a company. Assets are divided into current assets and plant or fixed assets. Current assets are assets that can easily be converted to cash within a year such as : cash on hand, cash in the bank, inventories, and account receivable. Plant assets are expected to be used in the operations of a company for a period of time longer than one year and are used to earn revenues such as : land, building, and machinery.
A liability is the business debts owed by a company. Liabilities are the financial obligations of a company to other companies or individuals. Liabilities are are classified into current liabilities and long-term liabilities. Current Liabilities are liabilities or claims that must be repaid within a year such as accounts payable. Long-term or deferred liabilities are debts that are due one year or more after the date of balance sheet. These include bonds, notes payable, and mortgages, other loan from banks or other financial institutions that must be repaid during the coming year.
An income statement or profit-and-loss statement is the statement prepared by the accountant to show the financial positions of a company after a specific accounting period such as one trading year. Profit or loss is calculated by matching revenues and expenses. If the business is profitable, it will increase the company’s capital whereas if it is loss, it will reduce the capital. The owner’s equity represents the investment in the business. It consists of two elements, investment made by the owners of the company, and retained earning that are left in the business rather than distributed to the owner.
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A patient is any person who receives medical attention, care, or treatment. The person is most often ill or injured and in need of treatment by a physician or other health care professional, although one who is visiting a physician for a routine check-up may also be viewed as a patient. The word patient originally meant’one who suffers’. This English noun comes from the Latin word patients, meaning ‘I am suffering’.
An outpatient is a patient who is not hospitalized overnight but who visits a hospital, clinic, or associated facility for diagnosis or treatment. Treatment provided in this fashion is called ambulatory care. Outpatient surgery eliminates inpatient hospital admission, reduces the amount of medication prescribed, and uses a doctor’s time more efficiently. More procedures are now being performed in a surgeon’s office, termed office-based surgery, rather than in an operating room. Outpatient surgery is suited best for healthy people undergoing minor or intermediate procedures.