EthicHow to Be An Ethical Accountant? About eleven years ago, Enron, one of the world’s largest energy companies with 21,000 employees (Enron Corporation, 2012), collapsed. The whole nation was shocked as the investigation went on. “Ten years ago this week, the accounting firm Arthur Andersen sealed its fate when a few partners in its Houston office decided to shred documents related to the collapse of one of its clients, Enron” (Agnes, 2011). Found out that Enron scandal had close relationship
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elements of financial management direct the health care organizations in terms of financial management. Knowledge of what is acceptable like accounting principles, general finances, and ethical standards will help the company run successfully. The ethical issues can be avoided with proper preparation. Finanacial managers play an important part in maintaining a successful organization. Includes a summary of the four elements of financial management The four elements of financial management
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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
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Reporting Practices and Ethics Reporting Practices and Ethics When writing this essay, first three articles that address financial reporting practices and ethical standards in healthcare had to be found. Finding god articles to use as reference was not an easy task. Upon reading the chosen articles, much thought about this topic began to enter my mind. The decision to keep reading even more articles and expand horizons before beginning to compose was a good choice. Because with
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Principles-Based Versus Rules-Based Accounting Karla Law Liberty University Accounting 301-B07 Abstract Principles-based and rules-based accounting systems each have their advantages and disadvantages. When carefully examining these two accounting systems, it is clear to see that neither is better than the other. However, many individuals have the misconception that principle-based accounting is better. This is due to the fact that in recent years, the Financial Accounting Standards Board
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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
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Legality and Ethicality of Financial Reporting Jacqueline Carr ETH/376 December 17, 2012 Samuel Hinton Legality and Ethicality of Financial Reporting Excello Telecommunication is a very successful business; however, just recently they have been experiencing some heavy competition in the businesses industry. Terry Reed the businesses CFO has realized the business is not going to meet the years estimated earnings, which can cause problems meeting financial responsibility to the stakeholders
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is known as consequentialist. Consequentialism is general approach to ethical dilemmas which inquire about the consequences to relevant people of making a particular decision. So basically consequentialism word itself suggests that it is an ethical approach which “depends on the consequences”. This view is also sometimes referred to as teleology (from the Greek word telos which means goal). Ethics is a branch of Philosophy that examines ethical concepts and issues. It inquiries into such things
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• Helps to keep Records Updated An Accountant can help the company to keep the records updated by keeping track on each and every transaction placed during a particular accounting period. And can also enhance the performance of the company by monitoring and reviewing the accuracy and the completeness of records of accounting and its related systems. An accountant can also maintain records of all employees of the company by keeping track on their performance and also can focus on timely processing
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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
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