Reporting Practices and Ethics Paper

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Reporting Practices and Ethics
There are four elements of financial management that apply to health care organizations. There are also some generally accepted accounting practices and general financial standards that must be followed as well. I will provide some examples that will reflect ethical standards of conduct and financial reporting practices and the significance of each one.
Four Elements of Financial Management
Planning, Controlling, Organizing, and decision making are the four elements of financial management. Without these elements, accomplishing both large and small business goals would be difficult to accomplish. It could even be next to impossible to accomplish those goals.
The financial manager identifies objectives and the steps that are required to accomplish those objectives. Once this is done, the manager has to make sure that each department involved is following those plans. One way that they can do this is to compare current reports to previous reports for a certain period of time. The manager has to decide how to use available resources to effectively carry out plans that have been established. Once this is done, the manager will then decide what resources they will use among the available resources.
Generally Accepted Accounting Principles
These principles are standards that determine how accountants will conduct and format any reports that they prepare. If they were allowed to create their own accounting reporting methods, comparing any financial reports would be inefficient. It would also make it easier to hide information that the company did not want the public to see. These standards are set by the Financial Accounting Standards Board.

Ethical Standards of Conduct and Financial Reporting Practices
There are three ethical standards that must be followed. They are competence, objectivity, and confidentiality.
Competency…...

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