...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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...Case Study 2—Internal Control Due by Sunday of Week 5, 11:59 p.m., mountain time LJB Company, a local distributor, has asked your accounting firm to evaluate their system of internal controls because they are planning to go public in the future. The president wants to be aware of any new regulations required of his company if they go public, so he met with a colleague of yours at a local restaurant. The president of the company explained the current system of internal controls to your colleague. Your colleague has since been promoted to a tax position so she has passed on the information below so you can generate recommendations for the partner at your accounting firm to share with the president of LJB Company. Since LJB Company is a relatively lean organization, they have a lot of faith in their long-term employees. They have one accountant who serves as treasurer and controller, which streamlines many of their processes. In this dual role, he purchases all of the supplies and pays for these purchases. He also receives the checks and completes the monthly bank reconciliation. The accountant is so busy that the company handles petty cash a bit differently. All employees have access to the petty cash in a desk drawer and are asked to only place a note if they use any of the cash. The accountant has recently started using pre-numbered invoices and wants to buy an indelible ink machine to print their checks. The president is waiting to hear from you if this is a necessary...
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...Case Study 2—Internal Control Due by Sunday of Week 5, 11:59 p.m., mountain time LJB Company, a local distributor, has asked your accounting firm to evaluate their system of internal controls because they are planning to go public in the future. The president wants to be aware of any new regulations required of his company if they go public, so he met with a colleague of yours at a local restaurant. The president of the company explained the current system of internal controls to your colleague. Your colleague has since been promoted to a tax position so she has passed on the information below so you can generate recommendations for the partner at your accounting firm to share with the president of LJB Company. Since LJB Company is a relatively lean organization, they have a lot of faith in their long-term employees. They have one accountant who serves as treasurer and controller, which streamlines many of their processes. In this dual role, he purchases all of the supplies and pays for these purchases. He also receives the checks and completes the monthly bank reconciliation. The accountant is so busy that the company handles petty cash a bit differently. All employees have access to the petty cash in a desk drawer and are asked to only place a note if they use any of the cash. The accountant has recently started using pre-numbered invoices and wants to buy an indelible ink machine to print their checks. The president is waiting to hear from you if this is a necessary...
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...Financial Statements Paper Part 1 ACC 497 July 14, 2014 Financial Statements Paper Part 1 In Financial Statements Paper Part 1 I will discuss The Home Depot’s annual report, to include the consolidated statement of earnings, the balance sheet, and the statement of cash flows. I will discuss some details of each sheet, the importance of the contents, business decisions associated with each sheet, and the benefits gained from the information contained in the sheets. The Consolidated Statement of Earnings-- income statement-- tells the reader about the sales and expenses applied by The Home Deport during the most recent fiscal year. An immediate analysis of this income statement indicates the company has net sales figures between $70 billion and $80 billion per year. This is a significant difference over a three year time period. The one very noticeable issue is the substantial decrease in sales from 2008 to 2009. The Home Depot´s net sales in 2008 dropped roughly eight percent compared to the previous year. Operating expenses increased by approximately 105%, while operating income decreased by about 40%. The increase in operating income helped bring the numbers up, but after it is all said and done, the bottom line is the fact that net earnings were down approximately 49% in 2008 compared to the previous year. The Home Depot attributed the significant decline in sales to the decline in the residential (new) construction and home improvement markets. In addition...
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...for instance, a distinguished economist testifies before Congress, is interviewed in the press, or otherwise weighs in on policy debates without disclosing that, in addition to his academic affiliation, he also has financial/professional ties that may color (or appear to color) his objectivity. Several recent developments have drawn attention to the issue. First, there’s Inside Job, a documentary film that explores the causes of the financial crisis and deals harshly with high-profile academic economists who had undisclosed financial ties. For example, the film includes a painful-to-watch interview (available online) in which Frederic Mishkin, a professor at Columbia University’s Graduate School of Business and a former Federal Reserve Governor, reluctantly admits that Iceland’s Chamber of Commerce paid him $124,000 to write a paper endorsing the country’s stable business environment, a fact not disclosed in the paper. Next, there’s Financial Economists, Financial Interests and Dark Corners of the Meltdown: It’s Time to Set Ethical Standards for the Economics Profession (available online), a research paper in which two University of Massachusetts scholars review publicly available information about 19 prominent economists. The UMass scholars found, among other things, that when writing articles, granting interviews, or providing testimony on policy matters, the economists typically identified themselves only by reference to their academic positions, without mentioning Wall Street...
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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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...Cycle Paper ACC/421 Accounting Cycle Paper In this paper I will outline the purpose of both accounting and financial reporting within an organization in general. I will also give a description of the people, processes, and systems that are a part of the accounting and financial reporting processes followed by a conclusion. Purpose of Accounting The purpose of accounting to gather and report on any financial information within the organization about things such as: the performance of the company, their financial position, and the cash flows of the company. With this information the company can then make business decisions about management of their business, investments to be made, or money they can lend. All of this information is known as the accounting records and accounting transactions and recorded as invoices for either suppliers or customers of the company. Once the financial information has been added to the accounting records it is all put together into financial statements to include the following: income statement, balance sheet, statement of cash flows, statement of retained earnings, and any disclosures. Purpose of Financial Reporting Documents, or the financial reports, are gathered in order to keep track of money going in or going out. Essentially, there is a record of how much money your business is making or losing. Anyone investing in the business has the right to know how their money is being used and can know this by looking at the financial reports...
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...Methods & Tools Instructor: Donald Platine September 24, 2012 Introduction In this study, we will be focusing on restructuring and how it relates to cost improvement. This information has been investigated in order to gain a good knowledge on the importance of restructuring. In order to test this theory, I used random sampling of 20 different data reports relate to the issues that the company faces concerning expenditures, labor and necessary spending. Each month every section of the company has a major meeting and part of the meeting is to discuss the financial reports of the company. Many companies may not find this to be important but it is necessary for our company to do this to track spending. Companies typically do not discuss financials with everyone but they do with us because everyone is given a credit card and a budget for their particular section. We are able to access the other part of company’s financial documents if we want to use them as a tool to improve our budgets. What prompted me to do this is I started working for the company in the year of 2011. After working 5 months for the company, the employees received a letter stating that there will be pay cuts due to the government cutting funding for the program that we are in. There were many complaints from employees who have been there for many years. The employees complained stating that they were told the last pay cut they received would be the final pay cut. I was able to speak to some people in the office...
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...Running Head: COMPANY ANALYSIS PepsiCo and Coca Cola Introduction Various organizations around the world have a lot of share in the market. Theses organizations try to make sure that, they work in such a manner that, they have a competitive advantage in the market. Here, in the present paper, the discussion shall include two organizations. The first organization is PepsiCo and the second organization considered here is Coca Cola. These organizations are in the beverage industry and also provide various kinds of food products to the customers. The organizations considered in the present paper have a major share in the market and these organizations try to ensure that, they will continue to have a competitive position in the market in the future. Here, in the present paper, various kinds of things shall be considered. The things will include the financial performance of the organization, the products, stock prices, and the impact of the few events on the stock prices of the organization. In this way, various kinds of things shall be taken into consideration. Description of PepsiCo The organization considered in the present situation is PepsiCo. The organization is an American multinational corporation which is engaged in the beverage and the food industry. This organization is doing its activities in the field of food and beverage industry. The organization provides to the customers by way of manufacturing, marketing and distribution, the grain based snacks. It was...
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...the operational plan include the development of key performance indicators to measure organization performance d. Develop and or implement contingency plans and GAP analysis e. Ensure the development and presentation of proposals for the resource requirement is supported by variety of information sources and seek specialist advice as required f. Obtain approval for plan from relevant parties and ensure understanding among work teams involved 2. Broad consultation with other members of the organization, from team members to senior management is a good way to contribute to the success of operational planning. When, in the planning cycle should it be carried out? What outcomes would you be looking to achieve from this process Broad consultation should be on going from the beginning, in order to ensure active outlined in the operational you should actively consult with team members about * The Organisation’s strategic plan * Activities outlined in the operational plan * How the outcomes of these activities will be measured * The timeframe the activities should be carried out in the roles and responsibilities of individual team member Feed forward – feedback controls Consultation group member possess different knowledge, skills, abilities and experience so groups can view problem from multiple perspective 3. Why do budgets need frequent reviews and adjustment? Who is responsible for ensuring that budgets and other financial documents are accurate...
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...Financial Statement Paper The basics of accounting are not rocket science. If you can follow the directions of a recipe, then you can learn the basics of accounting. This paper will help you gain a basic understanding of financial statements. Identify the four financial statements Financial statements show you where a company’s money came from, where it went, and where it is now. There are four main financial statements. They are: balance sheets; income statements; cash flow statements; and statements of shareholders ‘equity The Purpose of Each Statement Balance sheets show what a company owns and what it owes at a fixed point in time. A balance sheet provides detailed information about a company’s assets, liabilities and shareholders’ equity. Assets are the things a company owns that have value. These things can either be sold or used by the company to make products or provide services that can be sold. An example of asset can include plants, trucks, equipment and inventory. They can also include, cash, patents and investments that the company made. Liabilities are amounts of money that a company owes to others. This can be money borrowed from a bank, money owed to suppliers for materials, payroll owed to employees, environmental cleanup costs, or taxes owed to the governments. Shareholders’ equity is sometimes called capital or net worth. It’s the money that would be left if a company sold all of its assets and paid off all of its liabilities. This leftover money belongs...
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...Review of Financial Statements University of Phoenix FIN324 Financial Analysis for Managers Joseph Brennan Introduction It is said that companies will come and go, and those that survive and left standing will teach other companies, how their survived. We will take two companies; UPS and Ebay, Inc break them down and show you how they got their start. In our paper, it will also be discussed and show a review of their financial statements from each one. The point is to get a better picture of where a company started, the competition it endured, and the money that was possibility projected for the start. This paper will also show how auditors are essential to the running of any company. Review of Financial Statements Brief overview UPS, a delivery service, has been around for about 100 years. James E. Casey started the company on $100 borrowed from a friend of his. Casey, who was 19 years old when he started UPS, had worked for delivery services before and wanted to start a better delivery system of his own. The American Messenger company, what UPS was previously called, started in Seattle, Washington and had many competitors in the beginning. His business not only survived among them, but thrived (UPS, n.d.). Today the company serves over 200 countries delivering “goods, funds, and information” (UPS, n.d., ¶ 1). UPS has several stores located in these countries, including the United States, where people can not only have their packages sent, but they can also buy...
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...Presenting Business Plans Information American InterContinental University Abstract This paper is written on a business plan started up by an entrepreneur. In a business of entrepreneurship you have to have a set business plan along with a great management team to be successful and stay in business. In this paper I will explain the entire business plan and what it takes to be successful. If you’re going to start your own entrepreneurial business you have to have good beneficial methods and a good well-suited business plan. Your plan should include the description of your business, your marketing strategy, and your organizations objectives (Chron, 2012). The new entrepreneurial business will first explore its description. The description of a particular company gathered from a proprietary database via phone books/ phone surveys, ECT. The business description begins with a short description of the industry. When talking about the industry you should discuss the present outlook as well as future possibilities. You should include all the various markets within the industry and make sure you include all new products and developments that will benefit your business. All observations should be based on realistic events, reliable data, and dependable sources of information. If you’re seeking funding all these objectives are very beneficial. This is because investors will want to know how dependable your information is and what is at risk for them. Investors won’t risk...
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...Ward (2006), “health care is an enormous part of the US economy, representing 17% of all personal consumption expenditures annually” (p. 7). The health care industry has multiple components, diverse types of providers, and many different types of health care organizations playing an integral part in the delivery of health care. Health care is provided by different health care financial environment namely for-profit organization (FP), not-for-profit organizations (NFP), and governmental organizations (Finkler & Ward, 2006). This paper will identify one entity from each health care financial environment identified from the previous week’s worksheet and will describe the financial structure of each financial environment. This paper will also address the policies that make this financial environment unique and identify which financial management practices are prevalent in the financial environment. This paper will also explain why effective financial management is more difficult in health care than in other industries. Entities FP, NFP, and government facilities exist throughout the country. This paper identifies the first entity FP healthcare organization JFK Medical Center. The second entity is Naples Community Hospital (NCH), a NFP healthcare organization, and the third entity is the Veterans Administration, a government funded facility. JFK Medical Center is a 460-bed acute care medical/ surgical hospital specializing in cardiovascular care, oncology services, neuroscience...
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...Review Of Financial Statements Category: Miscellaneous Autor: anton 26 June 2011 Words: 1546 | Pages: 7 Introduction It is said that companies will come and go, and those that survive and left standing will teach other companies, how their survived. We will take two companies; UPS and Ebay, Inc break them down and show you how they got their start. In our paper, it will also be discussed and show a review of their financial statements from each one. The point is to get a better picture of where a company started, the competition it endured, and the money that was possibility projected for the start. This paper will also show how auditors are essential to the running of any company. Review of Financial Statements Brief overview UPS, a delivery service, has been around for about 100 years. James E. Casey started the company on $100 borrowed from a friend of his. Casey, who was 19 years old when he started UPS, had worked for delivery services before and wanted to start a better delivery system of his own. The American Messenger company, what UPS was previously called, started in Seattle, Washington and had many competitors in the beginning. His business not only survived among them, but thrived (UPS, n.d.). Today the company serves over 200 countries delivering “goods, funds, and information” (UPS, n.d., ¶ 1). UPS has several stores located in these countries, including the United States, where people can not only have their packages sent, but they can also...
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