Financial reporting is a vital part of decision making in healthcare organizations. Which report would be used to show a snapshot of the bottom line?
a. Balance sheet or statement of financial position
b. Cash flow statements
c. Assets, liabilities, and equity
d. Income statement or statement of operation
ANS: D
Income statements reflect the following formula: revenue - expenses = profit. This is often referred to as the bottom line. The balance sheet, on the other hand, reflects an organization's assets, liability, and equity.
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