Ellen Is Asked to Create a Vendor Analysis Process for a Physician

question 59

Essay

Ellen is asked to create a vendor analysis process for a physician in private practice, evaluating suppliers of products such as medical supplies. What should Ellen include in a vendor analysis?

Distinguish between different types of accounts and their reporting on financial statements.

Grasp the concept and purpose of internal control within a company.

Identify and list company policies that would strengthen internal control.

Understand the adjustments needed for reconciling the book and bank statements.

---

Definitions:

Increases

The action or process of becoming greater in size, number, value, or amount.

Social Construction

The theory that much of what is perceived as reality is shaped by the shared beliefs and attitudes of a society.

Mental Illness

A broad range of conditions that affect mood, thinking, and behavior, often resulting in distress and difficulty functioning in social, work, or family activities.

Feebleminded

Historically, "feebleminded" was a term used to describe individuals with what would now be recognized as various intellectual disabilities, though it is considered outdated and offensive today.