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Reporting Practices and Ethics Paper By: Harmony Labanowski HCS/405 Instructor Jay Christensen April 18, 2011 iv Elements of Financial Accounting Planning is when the financial private instructor identifies the steps that must(prenominal) be taken to accomplish the establishments objectives. The single-valued function is to identify objectives and then to identify the steps required for accomplishing these objectives. unequivocal is when the financial manager makes sure that each bea of the organization is following the plans that have been established. The purpose of controlling is to ensure that plans argon being followed. Organizing is when the financial manager decides how to put on the resources of the organization to intimately effectively carry out the plans that have been established. Directing is when the manager works on a day-to-day basis to pass on the results of the organizing running efficiently. The purpose is to ensure effective resource use and provide daily supervision. Decision making is when the financial gutter makes choices among available alternatives. Decision making actually occurs parallel to planning, organizing, and controlling. either sheaths of decision making rely on information, and the primary tasks atomic number 18 analysis and evaluation.

The purpose is to make informed choices (Baker and Baker, 2001). Summary of largely accepted accounting principles and general financial ethical standards most healthcare organizations operate on the accrual accounting basis. With this type of accounting; revenue is recorded when it is earned-not when payment is received; and expenses are recorded when they are incurred-not when they are paid. Ethical decision making is required when the healthcare executive must balance the of necessity and interests of the individual, the organization and society. Those involved in the decision making dish up must consider ethical principles such as justice, autonomy, unselfishness and fairness, as well as professional ethical standards and codes....

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