Reporting Practices and Ethics Paper

983 Words May 3rd, 2013 4 Pages
Financial management is very crucial in today’s health care financial procedures. It is one the most important aspects of the financial health care. There are many assessments made- based the financial records and the business transactions that occur within the health care organization. It is crucial the financial records are kept up- to -date and they follow specific guidelines. The books kept up- to- date and in order, this will show the amount of money being brought into the organization for profit and the amount of money the organization has lost in profit. One thing that may cause the honesty of the organization to be on the brinks is the organization financial management and the correctness of the financial books. This paper is …show more content…
Resources such as assets will help the manager to ensure the goals of the healthcare organizations are accomplished. Directing is an everyday job provided that control and support. The final step in the element in financial management is decision making. Planning, organizing, and controlling is a correspondence with the decision making process. The choices will be by the financial manager based on evaluation, analysis and information. Generally accepted accounting principles is a set of financial recommendations used for financial accounting. The recommendations are for preparing financial statements and for setting standards for organizations accountants. According to Baker (2011), “ One of the requirements of GAAP is that unrestricted fund balances be separated from restricted fund balances on the statements, so you see two appropriate line items (restricted and unrestricted) in the fund balance section” (p. 108). GAAP are the rules of accounting. Those guidelines are to arrange the reporting of financial statements that will include the cash flow statements, income statements, and the balance sheet. With the reply of these responsibilities, the Organization of Managing Bookkeepers declared principles of moral conduct for employees of managing bookkeeping and financial management. The principles take account for

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