LABORATORY ACCOUNTING AS A TOOL FOR MANAGEMENT

Udeajah, V.N, and Nworie A.
Department of Medical Laboratory Science
Ebonyi State University, Abakaliki
E-mail: vakadujah45@gmail.com, nworieamos@yahoo.com
ABSTRACT
In this write-up, we will show how laboratory-Accounts will
help the Scientist in making managerial decisions. When
analyzing your Account, we start the analysis by some
adjustment to the balance sheet. We shall separate the
Assets into Fixed and Current Assets. Fixed Assets are the
assets that are more likely to remain in the Laboratory for
a long time, for example: “Land and Buildings” will be part
of the laboratory possibly forever. Fixed Assets are in
general not easy to convert into cash. Current Assets are
more easily converted into cash and comprise of things like
cash, debt, and closing stock. Liabilities are separated into
Current Liabilities and Owner’s Equity. The new balance
Sheet will show more clearly the reason for the
adjustment.