...Define the terms finance and financial management, and identify the major sub-areas of finance. Finance is the way in which money is used and handled; especially, the way in which large amounts of money are used and handled by governments and companies (Merriam-Webster, 2014). Financial Management is the planning, directing, monitoring, organizing, and controlling of the monetary resources of an organization (Businessdictionary, 2014). The major sub-areas of finance are: investments—involves methods and techniques for making decisions about what kinds of securities to own; financial management—deals with a firm’s decisions in acquiring and using the cash that is received from investors or from retained earnings; financial institutions and markets—the two entities work in different ways to facilitate capital flows between investors and companies; International finance—involves investors, companies, business operations, and capital markets that may be located in different companies(Cornett, Adair, & Nofsinger, 2014,). 2. What are the three basic forms of business ownership? What are the advantages and disadvantages to each" (Cornett, Adair, & Nofsinger, 2014, p. 21)? Partnership is an organizational form that has multiple individual owners. Each partner can own a different percentage of the firm. Advantages: Business profits are split among the partners according to a prearranged agreement. Received profits are added to each partner’s personal income and taxed...
Words: 690 - Pages: 3
...University of Phoenix HCS/405 Sandra DiPietro Reporting Practices and Ethics Introduction Addressing financial reporting practices and ethical standards in health care finance can be done in various different ways. Either way this component of health care is addressed, it is important for a health care finance element, within an organization, to ensure that this is addressed correctly. A good way to explain and address the ethical standards in health care finance is by explaining the four elements of finance. These four elements include Planning, Controlling, Organizing, and Decision Making. With these four elements, addressing financial reporting practices and ethical standards in health care organizations, can be addressed, and will reflect how organizations accomplish this. Accounting Principles In health care organizations, financial reporting involves financial statements. There are four main financial statements. They are: (1) balance sheets; (2) income statements; (3) cash flow statements; and (4) statements of shareholders’ equity (U.S. Exchange Commission, 2011). The third part of a cash flow statement shows the cash flow from all financing activities. It is very important for an organization to report their finances, since financial reporting will provide investors with information about the organization’s management. Financial reporting also provides information for all of management of their earnings and cash flow...
Words: 868 - Pages: 4
...Concentration in Human Resource Management The Bachelor of Science in Business (BSB) undergraduate degree program is designed to prepare graduates with the requisite knowledge, skills, and values to effectively apply various business principles and tools in an organizational setting. The BSB foundation is designed to bridge the gap between theory and practical application, while examining the areas of accounting, critical thinking and decision-making, finance, business law, management, marketing, organizational behavior, research and evaluation, and technology. Students are required to demonstrate a comprehensive understanding of the undergraduate business curricula through an integrated topics course. The Human Resource Management Concentration helps students develop an understanding of the fundamentals of human resource management and its strategic relevance in business. The concentration addresses the legal and ethical components of the decision making process involved in the human resources environment. The Human Resource Management Concentration introduces students to the basic concepts of human resource management, and allows further study in the areas of employment law, risk management, recruitment and selection of employees, international HR, change management, compensation and benefits, employee development, and performance management. Students will also develop an understanding of the critical business implications for human resource professionals today and in the future...
Words: 2400 - Pages: 10
...Reporting Practices and Ethics Gordon Wilson 3/3/2014 HCS 405 Financial management consists of ethical standards and reporting practices. Monetary managing is the supervision of a business or organization’s finances in order to reach financial goals. The main intention of financial management is to generate capital for the organization, produce a progressive cash flow, and deliver a suitable recurrence in funds. Moreover, there are four elements of financial management that are very important to any health care organization as well as the generally accepted accounting principles related to health care. The four elements of financial management are planning, controlling, decision making, organizing and directing. A financial manager needs to understand and implement each of the four elements to ensure the success of a business. While planning the financial manager need to recognize goals and classify the steps that are necessary for achieving these goals. A financial manager recognizes the procedures that must be completed to achieve the organization’s goals. The organizing and directing element of financial management makes sure the most recent resources are used and provides daily supervision. The financial manager determines how the resources of the organization will be used in order to successfully complete plans that have been established. The controlling element of financial management is to ensure procedures are being followed. Financial managers ensure all ranges...
Words: 874 - Pages: 4
...We relate because we all have our own sets of personal values and ethics that we have adapted to our lives. Growing up, our role models, religious beliefs and other influences helped shaped our personal values and ethics. It is easy to see where we get our own values and ethics, but what shapes a company’s values and ethics? To answer this question we must define what values and ethics are. Once we understand these definitions we can determine the sources of values and ethics in a professional environment and what impact these values and ethics might have on a company’s success. There are several definitions for the word “values”. In this case, the most relevant definition indicates that: “Values refer to moral principles or other judgments of worth” (Values, 2006, para. 1). As people, we develop our systems of values and moral beliefs according to what influenced us in our early years. Our values and morals are our personal guidelines or compasses that help us make decisions about what is right and what is wrong. With an understanding of values a person can act ethically. Acting ethically involves analyzing or interpreting a situation and deciding what is the “right” way to behave using one’s inner-guiding moral principles, values and beliefs (Jones & George, 2007). In a work environment, “professional ethics are standards that govern how members of a profession, whether they are managers or workers, make decisions when the way in which they should behave is not...
Words: 1171 - Pages: 5
... Reporting Practices & Ethics Paper In the health care environment financial practices and ethical care finance is very important to produce successfully organizations. In the health care industry and in any business, ethical and financial practices are adopted to increase the organization value and consumer confident as well as protected the services or products provide by the organization and maintain the organizations brand name. With the cost of providing health care services, patient’s way of payment for these services and the environment in which those patients reside and receive those services are important elements that affects care. This is why financial management and financial reporting is also essential factors for any organization. Most organizations have mission statements, values and visions created to uphold the utmost integrity, honesty and respect for not only the community it serves but also the employees. Financial management can create a positive atmosphere of teamwork or a negative one of turmoil and failure. That is why it is very important for health care organizations to abide by the four elements of financial management. Four Elements of Financial Management The four elements of financial management are planning, controlling, organizing and directing, and decision making. Planning is when the financial manager identifies the steps that must be taken to accomplish the organization’s objectives. The purpose...
Words: 907 - Pages: 4
...Ethics from Personal Decisions to Organizational Procedures Class: BUS512 Organizational Behavior 13th edition Authors: D Hellriegel and J W Solcum, Jr 2008 South-Western, Cengage Learning Abstract There are standards people govern themselves by and expect everyone else to live by. Everyone’s everyday decision are not only actions that affect themselves but everyone else around them. These rules, decisions, and behaviors make up a person’s ethics. Ethics are the morals and beliefs that help to tell the difference between what is right and what is wrong. It is comprised of many things but not solely defined by any of them. Ethics can be learned from religion but if ethics was a religious practice it would be reserved for saints but even atheists practice ethics. Some say ethics comes from how you feel but the truth is feelings are always fluctuating and changing. If your feelings change then you are really acting on your feelings and not your ethics. Ethics is independent of feelings yet dependent on thinking if something is right or wrong. All these cover personal ethics that a person has. When stepping into a work environment there are organized ethics that are placed by the company. Organizational ethics help to align everyone’s ethics under a general atmosphere of what is right and what is wrong. These personal ethics and organizational ethics as well as organizational policies are all under constant evaluation as individuals make choices...
Words: 1587 - Pages: 7
...ethical standards as well as the four main elements of financial management. Finally, by addressing financial reporting practices and ethical standards within healthcare finance, fraud and abuse can not only be monitored but the integrity and responsibility of that medical clinic or hospital can continue their reputation at a high stance. Fundamentals of Financial Management There are four main elements of financial management; planning, controlling, organizing and decision making. In the planning element, financial managers have to classify the many steps that need to be taken in order to accomplish and complete an organizations objectives. The main purpose of planning comes down to identifying the steps in accomplishing these objectives. When financial managers oversee each area of an organization, making sure they follow the steps that have been established in plans is the controlling element. Organizing includes the financial managers decisions on how to appropriately use the resources of a company to make sure plans established are most effectively carried out. And finally decision making is when financial managers have to make choices between alternatives. There are many types of decision making, depending on the information and primary tasks, being analysis and evaluation. This makes decision making having a primary rose of choosing informed choices. Financial Accounting Standards Board Sets...
Words: 859 - Pages: 4
...The Crucial Roles of Professional Accountants in Business in Mid-Sized Enterprises Professional Accountants in Business Committee International Federation of Accountants 545 Fifth Avenue, 14th Floor New York, New York 10017 USA The mission of the International Federation of Accountants (IFAC) is to serve the public interest, strengthen the worldwide accountancy profession and contribute to the development of strong international economies by establishing and promoting adherence to high-quality professional standards, furthering the international convergence of such standards and speaking out on public interest issues where the profession’s expertise is most relevant. This publication was prepared by IFAC’s Professional Accountants in Business (PAIB) Committee. The PAIB Committee serves IFAC member bodies and the more than one million professional accountants worldwide who work in commerce, industry, the public sector, education, and the not-for-profit sector. Its aim is to enhance the role of professional accountants in business by encouraging and facilitating the global development and exchange of knowledge and best practices. This publication may be downloaded free-of-charge from the IFAC Web site at http://www.ifac.org. The approved text is published in the English language. Copyright © September 2008 by the International Federation of Accountants (IFAC). All rights reserved. Permission is granted to make copies of this work provided that such copies are for use in...
Words: 21050 - Pages: 85
...Behavioral Finance By Albert Phung http://www.investopedia.com/university/behavioral_finance/default.asp Thank-you very much for downloading the printable version of this tutorial. As always, we welcome any feedback or suggestions. http://www.investopedia.com/contact.aspx Table of Contents 1) Behavioral Finance: Introduction 2) Behavioral Finance: Background 3) Behavioral Finance: Anomalies 4) Behavioral Finance: Key Concepts - Anchoring 5) Behavioral Finance: Key Concepts - Mental Accounting 6) Behavioral Finance: Key Concepts - Confirmation and Hindsight Bias 7) Behavioral Finance: Key Concepts - Gambler's Fallacy 8) Behavioral Finance: Key Concepts - Herd Behavior 9) Behavioral Finance: Key Concepts - Overconfidence 10) Behavioral Finance: Key Concepts - Overreactions and Availability Bias 11) Behavioral Finance: Key Concepts - Prospect Theory 12) Behavioral Finance: Conclusion Introduction According to conventional financial theory, the world and its participants are, for the most part, rational "wealth maximizers". However, there are many instances where emotion and psychology influence our decisions, causing us to behave in unpredictable or irrational ways. Behavioral finance is a relatively new field that seeks to combine behavioral and cognitive psychological theory with conventional economics and finance to provide explanations for why people make irrational financial decisions. By the end of this tutorial, we hope that you'll have a better understanding of some...
Words: 8866 - Pages: 36
...banking world as the competition is tougher. The products which are mentioned above are the products of Retail Banking. Wholesale banking is another big segment of bank which deals with the SME and Corporate clients. WholeSale Banking Wholesale banking is the provision of services by banks to the likes of large corporate clients, mid-sized companies, real estate developers and investors, international trade finance businesses, institutional customers (such as pension funds and government entities/agencies), and services offered to other banks or other financial institutions. In essence, wholesale banking services usually involve high value transactions. Divisions * Corporate Banking * Small & Medium Enterprises Banking Products of Wholesale Banking HSBC | ICICI | Bank Of Baroda | * Working Capital Term Loan * Post Shipment Finance * Packing Credit * Overdraft * Distributor Finance * Bill Discounting | * Commercial Banking * Global Markets * Investment Banking * FI, Capital Markets & Custodial Services * Structured Finance * Project...
Words: 3357 - Pages: 14
...Accounting Practices Accounting Practices In the financial field it is easy for people to be tempted by money. We will talk about financial responsibility as a financial manager. A financial manager has many different responsibilities, such as making sure they know the money that is coming in and the money going out. ”Within management’s functions of planning, controlling, and decision making, the program must stand on its own” (Baker, Baker 2011). In accounting, planning is a very important role. The financial manager can take the time and assist the situation. They can come up with a plan than execute the plan to proper employees. When the financial manager is controlling, he/she can check to see every department of the health care facility is following the goals set by the financial manager. Also, gives the other departments a chance to ask any and all questions they may have, in order to obtain the objectives. Organizing can help to decide how benefit from resources that are available. “Decision making actually occurs parallel to planning, organizing, and controlling. All types of decision making rely on information, and the primary tasks are analysis and evaluation. Thus, the purpose is to make informed choices”, (Baker, Baker 2011). “The hierarchy of GAAP governs what constitutes GAAP for state governments, including government-owned colleges and universities and health care providers”, (Charter 80, 2012). “The term generally accepted accounting principles (GAAP)...
Words: 852 - Pages: 4
...Kaplan University Graduate School of Management SELF DIRECTED LEARNING PLAN Your Name: Tiaira Walls Date: October 21, 2013 Course Title: GB519 Measurement and Decision Making Professional Goal (2-3 years) from now: My professional goal two to three years from now is to graduate with my Master’s degree in Human Resources and hopefully obtain a entry level position in Human Resources or management. Strengths to Leverage Step 1: The most effective and satisfied people align their work with their natural strong points. Identify 3-5 of your key strengths (see Column 1 below); these could be a competency, skill, ability, knowledge area or personal characteristic. Think about how you can leverage those strengths to be effective in your work, achieve your professional goals, and become a leader in your profession. Step 2: At the beginning of each course in your MBA program, answer the following question either using this template or a narrative format. What do you expect to learn in this course that will help you leverage your strengths? (See Column 2 below). Be as specific as you can, e.g., assume that strength is your analytical ability. You might expect to understand more about macroeconomics so that you can analyze how the housing crisis affects other segments of the economy, such as interest rates or unemployment. At the beginning of the course you are not expected to be an expert in all facets of the course learning; however, you can...
Words: 1781 - Pages: 8
...INTRODUCTION As we are aware, finance is the lifeblood of business or it can be said as the most important part of all the business enterprises. To understand finance, you need to know the entire business indeed. Finance can be used for various reasons like expanding the business, investing and purchasing fixed assets like land and building, machinery so on. In order to survive in this competitive world every organisation need to have a good strength of finance available to their business or else they won't be able to survive in this world. Hence, it is very important to select the correct sources of finance available to the company. Finance can be in two types' external sources or internal sources. TASK ONE 1. SOURCES OF FINANCE AVAILABLE TO A BUSINESS Finance can be arranged from internal sources or external sources. External sources of finance are funds that come from outside the business. Here the business are getting loans from individuals or institutions that do have business relations directly e.g. banks. 1.1 Internal sources The main internal sources of finance for a start-up are as follows: Personal sources These are the most important sources of finance for a start-up, and we deal with them in more detail in a later section. As mentioned earlier, most start-ups make use of the personal financial arrangements of the founder. This can be personal savings or other cash balances that have been accumulated. It can be personal debt facilities which are made...
Words: 6439 - Pages: 26
...transition to investment finance, which I find more challenging and satisfying. Personality assessments: For the most part, the various assessments confirmed strengths and weaknesses that I was already aware of. My career anchor was pure challenge. This confirms one of the many reasons why I left my previous job. In my previous job, I felt like I was doing the same things day in day out without even thinking about it. Though I felt that I performed relatively unchallenging tasks, I still felt drained of energy by the end of each working day. And that did not give me any satisfaction, despite receiving praise from my managers. I turned down opportunities to move into management because I knew that my managers spent a lot of time buried in compliance-type paperwork. My DISC assessment showed that I am mostly steady and conscientious. In particular, the comments about my basic characteristics were eerily accurate (I feel like they got the information from the NSA). I will like to share those comments in the quote below: Kobina can be motivated through teamwork. He likes to know he is a valued team member. He can be open, patient and tolerant of differences. His natural quality of being nonjudgmental is a great strength. Because he is receptive and listens well, he excels in gathering information. He tends to build close relationship with a relatively small group of associates. He looks to people for support and inner-satisfaction as a way to reach his personal goals. At times, Kobina...
Words: 2596 - Pages: 11
