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Health Care Case Study: Financial Statements Hcs/405

In: Business and Management

Submitted By wolfette1958
Words 986
Pages 4
Financial Reporting and Ethical Standards
Debra Castagnetta
HCS/405
November 7, 2011
Todd Brown

Financial Reporting Practices and Ethical Standard In health care finance keeping financial documents have become more detailed and the need for accuracy has increased and many guidelines have been established to ensure there are competencies, and ethical standards are upheld in financial management in health care organizations (Paul, 2008).
The Four Elements of Financial Management Health care organizations and other organizations require an array of management actions to operate effectively (Baker & Baker, 2010). To accomplish these actions the four elements of financial management must take place. The financial manager must identifies the objectives and steps through planning, the financial manager must ensure that the organization follow the plan by using the controlling element, the financial manager must organize and direct by deciding how to use the resources of the organization, and provide daily supervision (Baker & Baker, 2010). In addition, the financial manager must make informed choice through the element of decision- making (Baker & Baker, 2010).
The General Accepted Accounting Practices In order to have guidelines in the principles of accounting, it is a mandatory requirement that health care organizations and other organizations use the General Accepted Accounting Principles, also known as the GAAP (Paul, 2008). The General Accepted Accounting Principles are the accounting regulations used to prepare and regulate the reporting of financial information, such as balance sheets, income statements, and cash flow statements (Paul, 2008). Compliance with the GAAP helps to uphold creditability with creditors and stockholders because the GAAP reassures individuals outside an organization that the organization’s financial...

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