Reporting Practices and Ethics Paper

728 Words Mar 29th, 2016 3 Pages
Reporting Practices and Ethics Paper

HCS/405
March 7, 2016

Reporting Practices and Ethics Paper

Generally accepted accounting principles (GAAP) represent the general rules, standards, and practices that are used in accounting. GAAP are required for businesses when reporting financial records. When preparing financial statements, a company’s accountant is mandated to use these principles before they issue these statements to investors and other entities outside of the business. The objective for these standards are to assist in ensuring that ethical accounting practices occur wherein investors and creditors have the confidence that companies are truthfully reporting their financial solvency. In summary, the GAAP are responsible
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Abuse is characterized by healthcare professionals engaging in unsound medical or business practices. Fraud is intentional while abuse is unintentional. Unintentional abuse either directly causes overpayments or indirectly results in healthcare benefit programs paying more than is necessary to healthcare professionals. Abuse is similar to fraud, except that the investigator cannot establish the act was committed knowingly, willfully, and intentionally. (“Healthcare Fraud and Abuse,” 2009).
Include a summary of the four elements of financial management.
In reference to the four dominant elements of financial management, these include planning controlling, organizing and directing, and finally decision-making. In reference to planning, organizations such as medical and clinical offices’ must ensure that they engage in financial management that outlines long-term goals while establishing explicit guidelines that the company will follow to ensure financial solvency for the company. Controlling is a function that requires the the organization to control all business functions and aspects of the company to ensure that they align with the strategic objectives and goals that were in the strategic planning of the organization. Directing and organizing entails

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