Reporting Practices and Ethics

In: Business and Management

Submitted By latricekr20
Words 805
Pages 4
Reporting practice and ethics paper
Latrice Robertson
Hcs/405
February 3, 2014
Sherida Douglass

Reporting practice and ethics paper
It is the responsibility of a health care manager to understand the basic principles of accounting and finance, and have the knowledge and the understanding of a financial report and what it means. Without these skills and ethical standards it could result in poor management. Financial management is a vital part of organizational effectiveness and success.
Financial management requires four elements in order to operate properly. The four elements of financial management:
Planning- the financial manager identifies the steps that must be taken to accomplish the organizations objectives. The purpose is to identify objectives and the steps to accomplish these objectives.
Controlling- The financial manager make sure that each area of the organization is following the plans that have been established.
Organizing_ The financial manager decides how to use the resources of the organization to most effectively carrying out the plans that have been established.
Decision making- The financial manager makes choices among available alternatives. All types of decisions making rely on information and evaluation. The purpose is to make informed choices.
Generally accepted accounting principles are accounting standards and guidelines used in financial accounting and reporting. Generally accepted accounting principles (GAAP)., are accounting rules used to prepare and standardize the reporting of financial statements, such as balance sheets, income statements and cash flow statements, for publicly traded companies in the United States. It set out standards for managing accounts, preparing financial statements and accounting, methods and techniques. The main principles that ensure fair and accurate accounting free from inconsistencies:…...

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