THE DRUGGISTS CIRCULAR: PRACTICAL REVIEWS OF PHARMACY & BUSINESS

By ISABELLA WILLIAMS

CONTENTS INTRODUCTION IMPORTANCE OF FINANCIAL ANALYSIS AND MANAGEMENT FOR PHARMACISTS IMPACT OF FINANCIAL ANALYSIS AND MANAGEMENT ON CUSTOMER SERVICE IMPORTANCE OF ACCOUNTING TO ALL BUSINESSES AND PHARMACIES OVERVIEW OF THIS BOOK UNDERSTANDING THE GUIDING PRINCIPLES OF ACCOUNTING HISTORY OF ACCOUNTING INTRODUCTION TO FINANCIAL STATEMENTS MANAGERIAL REPORTING BALANCE SHEET (REAL) AND INCOME STATEMENT (NOMINAL ACCOUNTS) CASH AND ACCRUAL BASIS OF ACCOUNTING DEFINITION OF ACCOUNTING TRANSACTION ANALYSIS ACCOUNTING ENTITY PRINCIPLE GOING CONCERN PRINCIPLE ACCOUNTING PERIOD PRINCIPLE HISTORICAL COST PRINCIPLE OBJECTIVITY PRINCIPLE CONSERVATISM PRINCIPLE CONSISTENCY PRINCIPLE MATCHING PRINCIPLE MATERIALITY PRINCIPLE REVENUE RECOGNITION PRINCIPLE ACCOUNTING SYSTEMS AND INTERNAL CONTROL BASIC LEGAL STRUCTURES SUMMARY REFERENCES SUGGESTED READING REVIEW QUESTIONS GLOSSARY FROM DETAILED TRANSACTIONS TO SUMMARY REPORTS TRANSACTIONS ACCOUNTING EQUATION EXPANDED ACCOUNTING EQUATION GOODWILL DOUBLE-ENTRY ACCOUNTING DEBITS AND CREDITS POSTING OF ACCOUNTS AND JOURNALS GENERAL JOURNAL AND LEDGER TRIAL BALANCE AND GENERAL LEDGER T ACCOUNTS FINANCIAL STATEMENTS INTERNAL USERS EXTERNAL USERS FOUR BASIC FINANCIAL STATEMENTS BALANCE SHEET LIABILITIES AND SHAREHOLDER'S EQUITY INCOME STATEMENT REVENUES EXPENSES STATEMENT OF SHAREHOLDER'S (OWNER'S) EQUITY STATEMENT OF CASH FLOWS | CONTENTS THE DRUGGISTS CIRCULAR SUGGESTED READING BASICS OF FINANCE AND FINANCIAL ANALYSIS TIME VALUE OF MONEY INTEREST COMPARATIVE FINANCIAL STATEMENT ANALYSIS RATIO ANALYSIS SELECTED SAMPLE PHARMACY LIQUIDITY RATIOS UNIQUE PHARMACY RATIOS OTHER TYPES OF FINANCIAL ANALYSIS FINANCIAL ASPECTS OF INVENTORY MANAGEMENT CASH CONVERSION CYCLE BASIC INVENTORY COSTS INVENTORY RECORD KEEPING METHODS INVENTORY VALUATION METHODS MANAGING INVENTORY TURNOVER OTHER INVENTORY CONTROL TECHNIQUES OPTIMIZING INVENTORY DECISIONS BUDGETING BUDGET TYPES BUDGET DEVELOPMENT BUSINESS PERFORMANCE EVALUATION EMPLOYEES, BUDGETS, AND MOTIVATION CONTENTS | BUDGETING FOR PHARMACY SERVICES ADVANTAGES AND DISADVANTAGES OF BUDGETING PRICING GOODS AND SERVICES PRESCRIPTION PRICING PRICING INFORMATION SOURCES PRODUCT PRICING STRATEGIES COST IDENTIFICATION COST-VOLUME PROFIT AND BREAK-EVEN ANALYSIS RELEVANT COSTS OF DISPENSING COST OF DISPENSING “SAMPLE PHARMACY” EXAMPLE TOTAL COSTS PROFITS INVENTORY PRICES COMPREHENSIVE PRICE STRATEGY CASH PRESCRIPTION PRICING PRICING CATEGORIES PRICING PHARMACEUTICAL CARE/COGNITIVE SERVICES OVER-THE-COUNTER PRICING PERSONAL FINANCIAL MANAGEMENT SETTING PERSONAL FINANCIAL GOALS CREATING A HOME BUDGET BORROWING AND CREDIT MAJOR INVESTMENT CLASSES | CONTENTS THE DRUGGISTS CIRCULAR CASH BONDS STOCKS INVESTMENT STRATEGIES INCOME AND INVESTING RETIREMENT INSURANCE PROFESSIONAL ADVICE DISCLAIMER