Reporting Practices

Reporting Practices and Ethics

Cortez Bunch

HCS/405

August 29, 2012

Dr. Kukoyi

Abstract

Reporting practices and ethics are major commodities when it comes to health care financing. In this paper it will discuss the four elements of financial management and include a summary of generally accepted accounting principles and general financial ethical standards. This paper will also provide examples that reflect ethical standards of conduct and financial reporting practices.

Reporting Practices and Ethics

Health care managers often find themselves engaging important roles creating and maintaining successful organizations. Understanding the important elements of financial management and accepted accounting principles are elements managers must understand. There are four elements of financial management that are needed to complete goals set by organizations. Generally accepted accounting principles and general financial ethical standards are also apart of what managers must know in health care financing to have a successful organization.

Four Elements of Financial Management

The four elements of financial management are planning, controlling, organizing and directing, and decision-making. These four elements are necessary for a management member to accomplish goals for an organization. Planning is when management identifies steps that must be taken to accomplish an organization’s objectives. Controlling is making sure that each area of the organization is following the plans that have been established. When managers organize and direct, they are deciding how to use organizational resources to most effectively carry out the established plans. Decision-making is when managers make choices among available alternatives. To accomplish any goals of the organization these steps of elements must be met to achieve the desired goal.

Generally Accepted Accounting Principles and Financial Ethical Standards

Accepted accounting...