Ethics Paper


Michelle Baker
Reporting and Ethics Paper
HCS 405
July 7, 2010

The goal of any accounting system is to make sure to record all data and transactions. Many systems in place for accounting will change when the organization needs change. In order for management to set up these changes, they will require financial reports they can prepare accurately and timely.   This report will include a summary of the four elements of financial management, a summary of generally acceptable accounting practices, and general financial ethical standards.
  * Elements of Financial Management
  * Generally Accepted Accounting Principles (GAAP) is the guideline that creates financial statements for many organizations.   These set of rules set the standards for listing the way they record transactions and the way financial statements are ready for agencies or organizations to review. This paper will discuss the four elements of financial management, which includeā€¯ planning, organizing, organizing and directing and decision making; general accepted accounting practices and the ethics necessary to complete the job.  
To satisfy stakeholders and properly prepare the reports necessary for decision making, the financial manager has to look at what it would take to meet organizational objectives.   Planning will help management forecast, anticipating, and assessing organizational needs and looking at the objectives necessary to create the steps to reach the objectives. Another part of the planning process includes budgeting, establishing procedures, and developing policies.
The next step is to gain control of the financial situation, looking at reports from past quarters and comparing them to the current quarter.   This comparison allows a manager to see which areas are doing well and which ones need attention according to the financial plan.   The function of controlling includes establishing performance standards, monitoring...