Ethics

Monica Cotton- Johnson

Reporting Practices and Ethics

October 17, 2011

HCS/ 405

Adrian Parker

Reporting Practices and Ethics

The healthcare organizations have high standards that one must abide by. Financial reporting practices are important if the healthcare organization wants to stay afloat; in which ethic will play a big part in every decision each team member plays.

The four elements of financial management are important in a healthcare organization. Planning in the financial management is the most important, as each duck must be in the right row. The steps that will be taken to accomplish objectives must be organized by the financial manager. Controlling is the next element of financial management. The manager can compare the reports from now to the previous reports to make sure the plans are being followed effectively. The next step is to organize and direct. The manager will decide the resources to use and how to carry out the plans that were decided. The manager will work day by day to ensure the organizing is done effectively. The last element of financial management is the decision making. Alternatives are available and the information has to be evaluated; therefore the manager has decisions to decide upon that can be the best choice for the organization. The structure of an organization will run smoothly if the management team follows the steps consistently.

The accounting principles are rules that help prepare the organization for their financial statements. The cost principle is the cost to obtain the asset. The revenue or accrual accounting must be reported when it has been earned. The matching principle has to match the revenue of the organization. The disclosure principle holds the pertinent information to make a reasonable judgment on the organization's finances (Francois, C, 2011). As with any organization or profession, ethics will play a part of the job. Ethics refer to the study and practice of the behavior of a person...