...Reporting Practices and Ethics Paper Teresa Lucas HCS/405 04-13-2015 Elizabeth Caissie The key to understanding finance is learning the four elements of financial management and their relationship to one another. It is important that all financial records are up to date because this helps keep track of how an organization, so they know if they have a profit or a loss. There are four elements of financial management are planning, controlling, organizing and decision making. The first one is planning it allows an organization to set goals and guidelines to ensure success and accomplishments in set goals. The second element of financial management is controlling. Controlling allows an organization to ensure that all rules and regulations within the organization are being followed. The third element of financial management is organizing. Organization is important because it guarantees that the organization is working at its best and it is organized while directing the medical office to work and fix problems that may come. The last element of financial management is decision making. All decision relies on information, and evaluation. Decision making works along with the planning, controlling and organizing...
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...Reporting Practices and Ethics Paper According to G. (2012), is that “the great thing about working in accounting is that everybody counts”. Accounting is vital in all organization for it is the root of a business. However, everyone in the business whether you are a front desk, professionals, management, they all play vital role in the day, month, quarter or annual financial statement that is generated by accountants with historical services that are being rendered to consumers as well as performance from each staff. In addition, Sowell (2012), “balanced budget requirements seem more likely to produce accounting ingenuity than genuinely budgets.” This quote explains that accounting is all about properly maintaining the finance of an organization, and focusing on both revenues and expenditures and how to go about it. One must make sure that more money is coming in versus money that is being spent also known as expenses. This paper includes the following on proper reporting practices in a medical facility and the four elements of financial management. As well as discuss the accounting principles and general financial ethical standards. Four Elements of Financial Management The four elements of financial management can be described as the four steps of the Control Process. According to Lombardi, Schermerhorn, and Kramer (2007), by regularly following the four-step control process, managers can make their department more effective, and productive....
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...Running Heading: Full disclosure financial reporting Full disclosure financial reporting Mary Miller ACC/421 Intermediate Financial Accounting 1 University of Phoenix Cathy Reed October 8, 2012 Full disclosure principle in accounting The full disclosure principle in accounting is the action of revealing or reporting every detail of economic transactions, which can affect the financial position of the business and other people who use the financial statements, such as investor, creditors, etc. (What is the full disclosure principle? web -site). Why has disclosure increased substantially in the last ten years? During the last ten years, the full disclosure increase substantially because the FASB has issued several substantial disclosure provisions, such as Complexity of the Business Environment, Necessity for Timely Information, Accounting as a Control and Monitoring Device with the purpose to protect investors and the public security. Need for full disclosure in financial reporting Full disclosure in financial reporting is necessary because this report reflects the financial activities of the business, if this report is not accurate, and if information omitted or altered affects the decisions of the person using or reading the reports. The government created the SEC and FASB; these two organizations set guidelines to ensure that companies and business disclose the information required by the law. A full disclosure of a...
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...Reporting Paper Janis Maraya ACC 541 February 20, 2015 William Montgomery To: CEO From: Controller Date: February 20, 2015 ------------------------------------------------- Subject: Pension Plans and Eliminating Segments This memo is to provide a response to the new CEO who is requesting information regarding the following areas. The first discussion is and explanation of the required reporting on retirement plans that includes defined contribution, defined benefit, and other postretirement plans. The memo will also include what may happen when two segments are to be eliminated. Defined Contribution Plan A defined contribution plan is when an employer puts aside a certain percentage periodically to the employees benefit plan. There are two types of defined contribution plan: Defined contribution health and welfare plans— This plan is an account for the employee that calculates the amount by using the participating employee’s account instead of his or her benefits. “The benefits a plan participant will receive are limited to the amount contributed to the participant's account, investment experience, expenses, and any forfeitures allocated to the participant's account. These plans also include flexible spending arrangements. (FASB ASC 715-70-20)” Defined contribution postretirement plan— A participant that uses this plan is provided an individual plan that is determined by the amount of services he or she has rendered. “Under a defined contribution postretirement...
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...Reporting Paper INTERNAL MEMORANDOM To: CEO From: Papa Rydoo Date: October 25, 2010 Reference: Postretirement Plans Introduction Acquisition of a company leads to many changes in the company and especially in the area of the retirement benefit plans for our company. It is complicated adjusting to benefits plans but with the required reporting, the transition will be smooth. The different types of pension plans we will focus on are; defined contribution, defined benefit, and other postretirement plans. Defined Contribution Plan (DCP) Defined contribution plan is a retirement plan that an employer promises to contribute toward an employee’s retirement funds periodically. Most companies will match whatever an employee contributes towards the fund. However, there would be no promise as to the ultimate benefits that would be paid into the funds because the retirement benefits are determined by the returned earned on the contributions to the funds during the investment period (Schroeder, Clark, & Cathey, 2005, p. 445). DCP is recorded on the financial statements as a pension expense, it is a straightforward transaction and it carries no risk for the employer because all the risks go to the employee. Defined Benefit Plan (DBP) Defined benefit plan is the amount of retirement benefits an employee would receive in the future but the terms are defined by the company. Most companies would have terms that would require employees to have at least 30 years of service, and...
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...| [Company Name] | Memo To: | Chief Executive Officer | From: | Lola Fujino | cc: | | Date: | June 21, 2015 | Re: | Segments and Pension Plan | | | The recent acquisition by our company has created two issues which need to be addressed; the two segments which are required to be reported and the two different pension plans. My goal is to eliminate the segments as well as determine the appropriate method for reporting both pension plans. Discussed herein are descriptions of the defined contribution plan, the defined benefit plan, as well as other post retirement plans. Furthermore, I have include a recommendation as to eliminating the two segments. The expansion of our organization is indicative of our growth and success; however, with change comes difficulty in fully disclosing each financial aspect in accordance with Generally Accepted Accounting Principles. In our financial reporting, we must be thorough in explaining each of our pension plans. Beginning with the defined contribution plan, contributed to by both employee and employer of which only employer contributions are guaranteed. Accounting for this method is simple in that we shall record our liability to the extent of the contributions made (Schroeder, Clark, & Cathey, 2011). The defined benefit plan is more complex; this plan guarantees a specific benefit amount per month at retirement. The benefit amount is determined by several factors: employee salary, years of employment, and age. With...
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...Executive Officer FROM: Financial Controller DATE: January 29, 2015 SUBJECT: Required Reporting for Pensions and Other Postretirement Plans Several issues have to be considered in the wake of the firm’s recent acquisition of a new company. First, the acquired company has two different pension plans whose reporting requirements are unfamiliar to the firm. Second, the acquired company has two segments that do not fit the firm’s requirements, and should be targeted for closure. This memo describes the reporting requirements of pension plans, namely, defined contribution plans, defined benefit plans and Other Postretirement Plans or OPEBs. In addition, this memo describes how to close an unwanted segment. A defined contribution plan sets forth a certain amount that the employer is to contribute to the plan each period. In the other hand, defined benefit plans specify the amount of pension to be paid out to plan recipients in the future (Cathey, Clark & Schroeder, 2011). The fixed monthly income to be paid to the employee is calculated using a pre-determined formula that usually takes into account the employee’s years of service, annual salary, and in some instances, age (Ruppel, 2010). Both pension plans guarantee the employee will receive monetary compensations, either directly or indirectly, from the employer at retirement. The financial reporting of defined contribution plans is straightforward. The employer only records the pension expense that equals...
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...REPORTING PRACTICES AND ETHICS PAPER HCS/405 June 2, 2014 Reporting Practices and Ethics Paper In today’s healthcare financial plans it is important to have good financial management. If the financial planning is not done properly then the company will not be able to function efficiently. The accounting records are kept up to date in regards to the guidelines in order to make sure the accounting records are accurate. By doing this, this helps keep track of how a company is doing to make sure that they are aware of where their money is going. This will show whether it is a profit or a loss. This allows the company to change things around so that they are not losing money within the company. Four Elements of Financial Management The accounting department plays a critical role within the medical office. The accounting department is the backbone of the organization and is what allows the organization to operate at its fullest potential. If the accounting department did not exist, it would make the office impossible for any type of company to operate efficiently. There are four elements of financial management which include the following; Planning, Controlling, Organizing and directing and Decision Making. The planning element sets goals and guidelines in order to allow the organization to ensure the future success and accomplishments of the medical office. The controlling is what ensures that all areas within the organization are following the...
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...Fabienne Pierre Assignment # 12 Course : HUN 1201 Nutrition 11/21/2011 The Summary of Nutricards I) The HCG Diet The HCG ( human chorionic gonadotropin) is a hormone produced during pregnancy. The HCG ‘s is taking sublingually or as an injections. The dieters are allowed to eat only 500 to 800 calories a day to gain the best result. The supporters of the HCG’s diet advertised this help the person loses enormous weight around the waist,buttocks, and stomachs area. Researchers stated the calories amount recommendation a day is one thousand , so the dieters is insufficient for many essential nutrients.Also , they can not conclude the hormone does help with weight loss , and the weight loss is from such a deficient calories diet.The side effects of the HCG diets are headache, fatigue, and irritibilatity. I am against the HCG diet because the dieters are most likely to retrieve the weight without the hormones of HCG. (MayoClinic) II) The benefit of eating okra Okra contains vitamin A and C which are good sources for iron and calcium. It also has starch , thiamine and riboflavin. Once okras are digested , they feed the bacteria , so they help moisten the GI tract(Pyroenergen).The fiber find in Okra helps to stabilize blood sugar by controlling the rate which sugar is absorbed in the intestinal tract.The proteins and oil retain from okra has serve as a great source of protein.The best way to keep the nutrients and the enzymes of Okra is to cook it on low...
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...2012 In this paper you will find information from articles that address financial reporting practices and ethical standards in health care finance. The paper will also address financial management of health care organizations in detail. In this paper there are several summaries that address the four elements of financial management as well as summaries that address acceptable accounting principles and general financial ethical standards. The paper also gives detailed examples from the articles that reflect ethical standards of conduct and financial reporting. Financial reporting practices In many cases management are not trained to detect fraud and will not feel the need to question further about the possibilities. They will sign off on the findings without real concerns. Some of the major findings are sometime found later on, and by that time the situation may be very serious. The hire-up may penalize management for not recognizing the problem earlier. For example from the article the managers pointed the finger on the auditors and did not take on any of the responsibility for the overlook. Baker (2007), “When questioned about why it took so long for these problems to come to light, management's response was 'well the external auditors signed the accounts and internal auditing said everything was all right,'" Durant says (para. 5). Ethical standards in health care finance Managers and staff member responsible for financial reporting are required to do their...
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...Reporting Practices and Ethics Paper Week Two Indivdual Assignment By: Student HCS-405 Mr.Shin 04/15/2013 Reporting Practices and Ethics Moral guidelines and reporting practices are joined into the money related reporting and administration of health awareness. Reporting monetary information equitably and authentically is quintessential to this. Mindful money related arranging can anticipate capital misfortune through ventures, representatives, and clients. Financial reporting offers help in ascertaining: sums, money stream, timing, and other information crucial to organizational assets. Four Elements of Financial Management Inside financial administration there are four principal components to acknowledge: arranging, ordering, regulating, and choice making. Arranging incorporates an anything but rushed process that impacts choices in income and organizational objectives. Organizational administration should mediate between faculty and the incitement of budgetary arranging. A financial administrator is responsible for choices made throughout the arranging methodology. All informative data gathered and estimated will help in updated choices and positive results. The accumulation technique is adequate in acquiring or deals and is used by administration in recording and distinguishing the aforementioned things. The Four Financial Statements The four financial statements are the balance sheet, the statement of revenue and expense, the statement of fund balance...
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...Reporting Practices and Ethics Paper Nicole McLaughlin HCS/405 December 8, 2014 Jack Heinen Reporting Practices and Ethics Paper This paper will seek the financial reporting practices, ethical standards, accounting principles, corporate compliance, ethics, or fraud and abuse in the articles that was chosen to be reviewed. Financial reporting in a medical office or a healthcare organization relies on financial data to be close to real time as they can get it. The financial reporting has advantages such as analysis, visualization, and assistance in decision-making ("Financial Reporting", 2009). Chief financial officers use the financial reporting to help identify the profits and the cost of the healthcare organization. Financial reporting will lead the financial personnel to quantified, data-driven choices which will benefit them with accurate planning, forecasting, and budgeting ("Financial Reporting", 2009). Financial reporting can aid in to reduce a cost, profitability, predict and respond to changes in the market ("Financial Reporting", 2009). Ethical standards in a healthcare organization should be guided by integrity, serves as a role model, and support a culture that provides high-quality, cost-effectiveness health care which helps the ethical behavior and practices of individuals throughout the organization ("Creating An Ethical Culture Within The Healthcare Organization", 1992-2011). It does not matter if the person is a gift shop manager or a CEO of a four star...
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...Reporting Practices and Ethics Paper Jessy Dominique-Clark HCS/405 Health Care Financial Accounting September 24, 2013 Debra Brindley Reporting Practices and Ethics Paper The National Health Care Anti-Fraud Association assess that the economic damages cause by health care fraud is more than ten of billon dollars every year. Financial controlling is difficult, but by using the four fundamentals of monetary management correctly and following the generally accepted accounting principles, revealing the financial position of an organization is not difficult ("The Challenge of Health Care Fraud", 2012). The four fundamentals of monetary management are controlling, decision-making, organizing, and planning. Controlling entails ensuring that every area of the organization is adhering to the plans that have been established. The decision-making process entails making an educated choice. Organizing entails using the organizations resources to successfully carry out the plans that have been established. The process of planning is to compile goals of the organization and then to identify the steps necessary for achieving these goals. The financial management team is accountable for ensuring the reports are up-to-date, and they are accountable for reporting the funds with the principles set forth by the code of ethics and mission statement of the organization. Every organization has the obligation and wants the veracity to release the correct financial position to its stakeholders...
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...Reporting Practices and Ethics Christopher A. Brown HCS/405 July 15, 2012 Michelle L. Thomas Reporting Practices and Ethics The health care environment, in which financial realities and financial ethics play an important role in health services decision making, it is vital that managers at all levels understand the basic concepts of health care finance and how these concepts are used to enhance the financial well-being of the organization. In this paper, we will discuss the four elements of financial management, to include the accepted accounting principles and financial ethical standards. We will provide an example of ethical standards and financial reporting practices. Health Care Financing is a systematic framework for the evaluation of healthcare systems, as well as perform interdisciplinary research focusing on the relationship between economic development and healthcare (Baker & Baker, 2011). Financial Management Health care organizations accommodate services to consumers and also their financial status is also important to providing services. In any organization, financial management is very important toward an organization’s success. Financial management consists of four elements that work toward an organization financial practices and ethical standards (Dye and Sridhar (2008). Four Elements The first two elements of financial management works hand-in- hand are organizing and controlling. Financial managers use four basic financial statements to...
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...Reporting Practices and Ethics Paper Alejandra Moreno HCS/405 3/23/2014 Elizabeth Caissie Reporting Practices and Ethics Paper Financial management plays a big role in any organization making sure that there’s financial stability within the company. The success of the company depends on how the financial reporting practices are followed and also how the ethical standards are implemented as well as how they incorporated into the company itself. Financial managing is the supervision of the business or organization’s finances in order to reach financial goals and success. The main intention of financial management is to generate capital for the organization, produce a progressive and increase cash flow into the company. This paper will discuss the four elements of a successful financial management that are critical to any health care organization. Any organization that is seeking success in the market must comply with all the regulations that are required by government, the market and very importantly by the consumers. Companies are not able to function without proper financial planning, it is important that all the accounting records are kept up to date so they follow specific guidelines. This also helps to keep track of how a company is doing to make sure that they are aware of where their money is going or coming from so that they know if they have a profit or losses. The four elements of financial management are planning, organizing and directing, controlling and decision-making...
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