Reporting Practices

Reporting Practices and Ethics

Marlena Hernandez

HCS/405

October 03, 2016

Jack Heinen

Reporting Practices and Ethics

There are the ethical values by which an individual or business functions. Doing the right thing will always be highly valued and not only are principles respected, but they are also supported by legal consequences for failure to perform within guidelines (Gallup, 2016). Moral behavior involves more than behaving in a truthful way. It means creating restrictions that avoid professional and individual conflict that benefit the employer (Gallup, 2016). In this paper, I will be discussing the elements of financial management, accepted accounting principles, ethical standards, and examples of acceptable conduct.

Four Elements of Financial Management

There are four elements to financial management. They are planning, controlling, organizing and directing, and decision making. Some other references only mention three and some mention five, but according to chapter one in the course literature, four elements are essential to managing finances (Baker, 2014). Planning is used by a manager to figure out what needs to be done, and then they must plan steps to get there and get it done (Baker, 2014). Controlling provides the chance to make sure that all areas within the organization are following the other strategic objectives and guidelines and also allows fixing of any problems or issues which may come up (Baker, 2014). Organizing and directing are the most important in all of the elements because they guarantee that the facility is working to its full potential (Baker, 2014). Decision Making is used after gathering information from the first four parts; you use your decision making for making the final decisions as to how the financial management will operate (Baker, 2014).

Accepted Accounting Principles

Standard accounting principles also are known as GAAP, and they are commonly followed rules and values for financial reporting. These criteria...