Interestingly, many members of the board of your hospital are not aware of the difference and your CFO tasked you with the responsibility to educate the board members. To do so$,$ you are required to prepare a brief which must include the following.

$1.$ What types of policies are typically disclosed in the first note that accompanies financial statements? Give several specific examples.

$2.$ Why must organizations disclose their accounting policies in the notes to the financial statements?

$3.$ Why is charity care reported in the notes for not$-$for$-$profit healthcare organizations, but revenues and expenses are not recorded separately in the operating statement?

$4.$ Facing the reality that patients can bring lawsuits against the Healthcare Organization, what, if anything, must be disclosed in the notes to the company$$s Financial Statements