Reporting Practices and Ethnics Paper

Reporting Practices and Ethnics Paper

George Sims

University of Phoenix Axia College

HCS/405

May 6, 2013

Sandra DI Pietro

Organizations that exercise financial reporting and ethical standards should implement structure and maintain effectiveness in their finances. In-going, as well as out-going expenses within the organization should be tracked and monitored on a daily basis to ensure accuracy and financial stability. In this setting the four elements of financial management in health care will be addressed; accounting principles and general financial ethical standards will be addressed; and examples of ethical standards of conduct and types of financial reporting practices will also be addressed.

The four elements of financial management consist of planning, controlling, organizing & controlling, and decision making. In planning, managers should identify certain steps and effective techniques in order to accomplish the organization’s objectives. In controlling, this element ensures each part of the organization knows, understand, and follow plans that are established within the organization. In organizing & directing, this element ensures accuracy in using organizational resources and carrying out established plans most effectively. And the decision making process is the element enables managers to make adequate decisions based on proper planning and ensuring everyone within the organization knows and understand their role in the established plans. The four elements of financial management is a great concept to go by for managers that operate in the healthcare field because it ensures direction, and stability within the organization.

Generally Accepted Accounting Principles (GAAP) acts as a guideline for financial accounting. It can also be known as accounting standards. This act enables businesses to know the rules in summarizing, and recording financial statements. According to an article from Investopedia, “GAAP are imposed...