Financial Paper

Reporting Practices and Ethics Paper

LaQondia Robbins

HCS/405

September 18, 2014

Robert Adams

Reporting Practices and Ethics Paper

This paper will discuss the financial reporting practices and ethical standards in health care finance. The elements of financial management are planning, controlling, organizing and directing, and decision-making. Each element of financial managements is important when dealing with both personal and professional finances. The first element is planning that identify the steps an organization must take to achieve objectives and accomplishments. Controlling makes sure the established plan of the organization is followed by all areas within the company. The element of organizing and directing decide how to carry out the established plans using the administrative resources. The final element of financial management is decision-making is to make choices with available alternatives. It is important in financial management to follow and utilize each of the four elements of financial management to report accurate financial statements and make decisions that will bring an organization success. Consequently, accountants should follow the general accepted accounting principles that put emphasis on financial consequences of mandatory external port, the past activities, and precision are only some of the elements financial accounting has different than the managerial accounting. Many accountants use financial accounting to measure the economic performance of the business. An organization's account use income statements and balance sheets results from the data analysis of the financial accounting. The one difference in financial and managerial accounting is deciding to use general accepted accounting principles or not. On one hand, general accepted accounting principles do not use strict guidelines but are useful in helping a business report financial activity properly. On the other hand, stockholders and analysts find reports abiding...