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November 4, 2025

Discuss the components of the three key financial statements and the relationship among them

In this week’s reading, we have covered financial management, please use that knowledge to answer the following question.

Discuss the components of the three key financial statements and the relationship among them.
Compare and contrast operational budgets and capital budgets. What type of items would an HIM manager include in each?
Calculating and explaining budget variances is an important management control. Following up and taking action on budget variances is also critical. How would you categorize these activities based on the three types of internal controls: preventive, corrective and detective?
Please use your textbook as a resources to answer the questions.

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