...Financial management is very essential for health care organization’s to succeed and accomplish goals. As a financial management has a major aspect on how it incorporates the ethical standards and proper reporting practices. To report practices and ethical standards in health care finance assist financial managers in conducting. They conduct effect analysis of the organization’s revenues, expenses, assets, and much more. In the next few paragraphs in the paper will be discussed is the four elements of financial management, the accepted accounting principles, and a few general financial, ethical standards will conduct. Plus, there would be examples of conduct and financial reporting practices in the health care organizations from other articles that will be discussed. The four elements of financial management are planning, controlling, organizing and directing, and decision making. The first element, planning is to set up the health care organization goals and objectives. Then to see what steps have to take and which steps would be more effective to achieve the goal. The second element is controlling; as a financial management will need to consist of verifying whether the department is following the plans, instructions issued, and the principles established. The third element is organizing and directing; which this can be a process that follows planning and controlling element in the health care organizations. While organizing established how resources can be effective...
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...Ethics Paper Ethics Paper Financial Management is one important part of health care financial planning. Many financial decisions are made on a day to day basis from all the accounting records and all the business transactions which occur. Some are the decisions made according to the organizations fiscal objectives although some are made on generally accepted accounting principles). So the question I would ask is this “How good is the financial management of our health care organizations and do they hold a good financial reporting records”? GAAP The generally accepted accounting principles (GAAP) are considered as the framework of guidelines for the financial accounting and jurisdiction of all accounting standards. With these accounting standards the GAAP includes such things like standards, conventions and the rules the organization accountant follows when during a copy and summarizing all the transactions when doing the work on preparing the financial statements. All third parties that are involved with the reports must then rely on the information to be free from all bias and inconsistency without debate or not so GAAP standards are followed. All business states that, “generally accepted accounting principles are guidelines precisely, are a group objectives and conventions that have been set...
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...77–92 American Accounting Association DOI: 10.2308/iace-50298 Going Concern Designations and GAAP versus Non-GAAP Earnings Metrics James L. Bierstaker, Thomas F. Monahan, and Michael F. Peters ABSTRACT: Many students have not spent much time studying or contemplating the importance of non-GAAP (Generally Accepted Accounting Principles) earnings to the ‘‘Street.’’ Based on the facts of an actual company and utilizing the financial information drawn from this company’s 10-K and Earnings Release, this case introduces students to the strengths and weaknesses of GAAP and non-GAAP earnings measures, and why the Street might be more interested in cash and recurring earnings in attempting to predict movements in stock price. It also provides the instructor with an opportunity to discuss the dangers of allowing firms to emphasize earnings in their press releases that are not defined by an external authoritative body (such as the Financial Accounting Standards Board [FASB]), and how this can hurt the consistency and reliability of reporting. This is an important discussion, since regulators have recently formally proposed to include non-GAAP measures in their overhaul of the auditor reporting model (Public Company Accounting Oversight Board [PCAOB] 2011). The case also familiarizes students with current auditing guidelines dealing with the going concern decision and the potential role that non-GAAP earnings can play in this decision. Thus, the three primary learning objectives are to teach...
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...Reporting Practices and Ethics Paper Bryan Luther HCS/405 April 30, 2012 Janine Lewis Reporting Practices and Ethics Paper Financial Management is important in all portions of health care financial planning. Numerous financial decisions are made on a day-to-day basis from all the accounting records and business dealings that occur. Chief financial officers make decisions according to the organization’s fiscal objectives or by using generally accepted accounting principles. Many sources have divided the elements or principles of financial management up into different 10 principles. Baker (2011), on the other hand, identifies four basic principles that are crucial to health care organizations reporting practices: planning, controlling, organizing/directing, and decision making. Initial planning requires financial managers to know the short term and long term objectives of their organization and to create plans for meeting those objectives. Planning is more than the higher management of a health care facility deciding what it wants to accomplish. Effective planners define strategies when planning and seek the input of everyone involved in the process. This ensures everyone supports the plan and understands their roles in executing the plan (Baker & Baker, 2011). To control the finances, the manager guarantees that every part of the organization is following the strategy of the corporation and all of the information has been established. To do this the manager will...
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...Ethics Paper Health Care Financial Accounting HCS405 Ethics Paper Financial Management is an important part of today's health care finance plans. Several financial decisions are done on a daily basis for all accounting records and even the business transactions that occur. Some of these decisions are made according with the organiation's fiscal objectives (even if some are done following generally accepted accounting principles). The question I really like to ask then is "How good are the health care organizations' financial management and do they have accurate financial report records"? GAAP Generally accepted accounting principles (GAAP) usually are regarded as the set of guidelines for financial accounting and the jurisdiction of every accounting standards. Following these accounting guidelines the GAAP includes several things like conventions, standards and the different rules the organization's accountant must follow during a copy summarization of all the transactions and in doing the work in general like preparing all the financial statements. The third parties involved with these reports must rely on the stated information to be exempted from all inconsistency or bias without any debate. These could also ensure that all GAAP standards are being followed. All business currently states that, "the generally accepted accounting principles serves as guidelines precisely, a group of objectives...
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...| | | | | | |[pic] | | | | | |UCD School of Business | | | | | |Accountancy Subject Area ...
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...Reporting Practices and Ethics Paper Brandee Robinson HCS 405 Week 2 July 27,2015 Instructor Financial management and stability is a very important factor of every health care facility. Financial planning needs to be taken into account very accurate and deal with care as well as seriousness. It is important to keep everything that involves finances in a company recorded properly in order for it to function properly watching every move a company make financially. By doing this it will help to keep track of how a company is doing whether its good or bad. The financial planning also helps give the finance department a look inside the company to see where their money is going as to see and if they are have gained profits or suffered from a lost. From this information being provided a company can then decide if changes need to be made in order to avoid any more loss from within the company. Accounting in any company is the vital part of an organization. It is very important to have a good accounting team in the finance team. Why, because the finances is what runs the business, and without the tracking and upkeep of funding, a company cannot run properly. According to "Healthcare Financing And Accounting " (2015), “the great thing about working in accounting is that everybody counts”. This information pretty much states and says that it doesn’t matter what part of a health care facility you may work in, all employees are a vital part of the day. Financial management involves...
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...ACC501 Cost Accounting.txt Cost Accounting or Cost-Volume-Profit Accounting ACC501 - Accounting for Decision Making Module 2 - Case Abstract This paper contains a brief overview of the current primary accounting standard GAAP but also explores CostVolume-Profit analysis and Cost Accounting. In the 1980s accountants and financial managers embraced technology and became the basis for the Personal Computer’s (PC) explosive expansion. The abilities of the computer coupled with the needs of business management supported the development of many new accounting tools and processes. There is universally true method of accounting. The accounting method(s) used in an organization must be acceptable to an internal or external auditing group and flexible so that management can maximize the resources available to the company. With our modern high-speed data processing systems we have the luxury of being able to look at our data in different ways. The “Generally Accepted Accounting Principles” (GAAP) has been the accounting method of choice when preparing statements for viewing by third parties, including both investors and government regulators. This is not to say that the information generated for GAAP accounting statements is not valuable to the leadership of a corporation. Rather, there are additional styles or accounting types that may be more valuable internally, allowing the managers and their Page 1 ACC501 Cost Accounting.txt staff to maximize utilization of their...
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...FASB Codification System Orientation Paper Janet Osegueda University of Phoenix Advanced Topics in Accounting Research ACC/497 Raymond Clark, Instructor July 3, 2014 FASB Codification System Orientation Paper The FASB Codification System is a database and research system that was developed by the financial Accounting Standards Board. It authentically pulls together many different resources about the accounting standards and it puts it into a single searchable system. The main purport of the FASB Codification System is to have a more preponderant organization of the accounting principles and laws. Another main purport is to have everything simplified for reduce the research time and it avails the accounting professionals do their work more efficiently and efficaciously. The nine content areas located in the FASB are the following General Principles, Presentations, Assets, Liabilities, Equity, Revenue, Expenses, Broad transactions and Industry. The general principles cover the Generally Accepted Accounting Principles which identifies the transmutations to the accounting standards updates. Each subtopic covers the updates to the GAAP guidelines, modifications done to the guidelines, content grandfathered in after the engenderment of the Codification system. The presentation section gives guidance on the income verbal expression preparations, the notes for financial verbalizations, withal for calculating earnings per share. The assets section...
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...reporting pratice and ethics paper hcs405 Reporting Practices and Ethics Paper By Ben Parks Introduction Every successful business has considered a role in reporting practices and ethics to be a significant part to their success. For many companies it can be a difficult burden when faced with the ethical compliance and accuracy for financial management. In this paper we can discuss the basic elements of financial management reporting practices and ethical standards in a health care world that is reforming as we speak. With great amount of changes will comes accountability to everyone inner and outer of the organization. This subject will explain the elements of financial management, general financial ethical standards, and will oversee some corporate scandals involving ethics, fraud, and abuse. The way an organization correlates, organizes, and prepares the reports for its financial information is part of its financial practices that it adheres too in order to accomplish the goals for its ethical standards. Today’s health care plans play a very important role in financial management. A company would be unable to operate without proper financial planning. The importance of storing and tracking all accounting records while being up to date will be the main factor as to whether the guidelines are being followed. This also allows the outer management to determine how the company is doing as a whole and also be aware as to where most of the funding is going. With new...
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...Reporting Practices and Ethics Paper Angela Blanks HCS/405 February 12, 2014 Mary Scalf Reporting Practices and Ethics Paper Revenue is important to keep track of to pay expenses and invest back into the business to maintain state of the art technology. Reporting revenue correctly and honestly is management and owners responsibility. Abuse of the system and fraud committed by dishonest practices the government has set up standards of reporting income and expenses. The function of the generally accepted accounting principle is that all companies report revenue using the same methods. Using the four elements of financial management, planning, controlling, organizing, and decision making, businesses can be successful. Using ethical standards of honesty, an organization can expect to remain in business. Generally accepted accounting principles (GAAP) is the standard that determines how accountants conduct reports (Kennan, 2014). The function of the GAAP is to ensure that companies have the same methods of reporting financial information. The GAAP applies to all financial statements issued to the public for investors to understand how the company is reporting income and expenses (Kennan, 2014). The financial accounting standard boards (FASB) created the GAAP that define the ethical standard practices of companies (Reeves, 2014). Maintaining high ethical standards accountants must maintain confidentiality when reporting financial reports. Accountants must enter accurate...
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...Reporting Practices and Ethics Your Name University of Phoenix Health Care Financial Accounting HCS/405 Ashonta Tharps May 26, 2012 Reporting Practices and Ethics Revenue’s and expenses of any organization require the four main elements of financial management. These elements are planning, controlling, organizing and directing, as well as decision making. The reporting practices of the financial department has improved over the years with new and improved principles and general financial ethical standards being put into place. This paper will give the reader a better understanding of the four elements of financial management, acceptable accounting principles, and financial ethical standards. Any organization will have a Chief Financial Officer. These management personnel will follow these four basic elements to manage the financial process of the organization they work for. The first step is to plan the objectives of the organization and each step needed to complete their goals. The planning process is important to how the financial manager will keep track of money spent on projects and how they are accomplished. The controlling process is used to manage each step in the planning process to make sure the projects are on target and budget for completion. Managers use past reports to help them figure out what areas of the organization are in need of assistance and what the issues are. They are also used to determine what kind of assistance is needed or if...
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...remained strong with widely varied menu items and unique marketing strategies through the E. coli disaster of 1993, the current economic slump in the fast food industry highlights serious controversy over the company's new growth strategy and accounting practices (Bauder). In this article, analysts are challenging the accounting practices of a San Diego-based company, Jack in the Box. In their 10-k report, Jack in the Box is listing franchise sales as "other revenues", which on paper triples their operation income to $9.1 million. David N. Allen of investment banking firm Caris & Co., questions this practice as the, "Selling of company assets to franchisees is not the same as selling a food product". He goes further saying that the company should separate operating earnings from non-operating income. Reporting gains from asset sales to franchisees is inappropriate. Jack in the Box countered this claim by stating that other fast food chains use the same accounting practices, which is consistent with GAAP (Generally Accepted Accounting Principles). In defense of Jack in the Box, Bud Leedom, senior analyst at Wells Fargo Securities believes that Jack's accounting technique is specifically disclosed to Wall Street and as such is not troubled by their practices. Yet, on the other hand, David Geraty of RBC Capital Markets points out that by...
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...Reporting Practices and Ethics Paper Financial Management Elements There are four elements of financial management: planning, controlling, organizing, and decision making. When planning the financial manager identifies the steps that must be taken in order to accomplish the organization’s objectives. The purpose is to identify objectives and then identify the steps for accomplishing these objectives. Controlling is when the financial manager makes sure that each area of the organization is following the plans that have been established. Organizing involves deciding how to use the resources of the organization to most effectively carry out the plans that have been established. Decision making is when the financial manager makes choices among available alternatives. Generally Accepted Accounting Principles General accepted accounting principles (GAAP) are the accounting rules used to prepare and standardize the reporting of financial statements, such as balance sheets, income statements and cash flow statements. GAAP-based income is measured so that the information provided on financial statements is useful to those making economic decisions about a company, such as potential investors and creditors. Basically, GAAP is concerned with the measurement of economic activity, the time when such measurements are to be made and recorded, and the preparation and presentation of summarized economic information in financial statements. Standards of Ethics The conduct of a financial...
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...lowered Excello’s market share and profits. For the first time it looks as is Excello will not meet earnings estimates. This information directly impacts bonuses, stock options, and the company’s share price. Top level management is concerned about the extent this impact will have on the company. This paper will serve to determine the ethicality of Excello’s actions and demonstrate what ethical standards and regulations are acceptable under GAAP. Possible Solution and Dilemma Terry Reed, the chief financial officer, uncovered a transaction on December 20, 2010 that might solve the problem. Excello sold $1.2 million of equipment to Data Equipment Systems. Typically this type of transaction would be recorded as a sale on the date of shipment. However, Data Systems has requested that the equipment not be delivered until January 11, 2011, because Data Systems did not have the warehouse availability for the product. Ethical Standards and GAAP Excello is faced with a serious problem. The company must record this revenue for the period ending 2010, but the transaction is not set to complete until 2011. The first issue that must be detailed is how and when revenue can be recognized. Under GAAP this is called the revenue recognition principle. This principle states that revenue can be recorded only when it is realizable, generally when the product or service has been delivered or performed, regardless of when the cash is received. Even though Data Equipment has paid for the product, Excello...
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