Reporting Practices and Ethics Paper

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Reporting Practices and Ethics Paper Reporting Practices and Ethics Paper Crystal C. Chaney Axia University of Phoenix Instructor: Sandra DiPetro HCS 405 Health Care Financial Accounting Abstract There are many reasons as to why reporting practices and ethical standards are of the upmost importance in healthcare and in any business. The types of generally accepted accounting principles; to the corporate compliance, ethics, fraud, and abuse are all important factors to be considered in order to maintain a successful business. The four elements of financial management are often used to prevent fraud and embezzlement. I believe every business should adopt good business ethics and standards to maintain a…show more content…
It would mean that their judgment has not been comprised. Objectivity is also a good ethical principle for an accountant to have. Being objective means that the accountant will not let personal issues get in the way of them making the decisions that need to be made for the good of the organization; using the facts not going on what anyone else says to make a decision. Integrity is another ethical principle that is good for an accountant to have; meaning that they are not going to allow misrepresentation of facts to be made known or recognized on the financial statement. They must maintain their integrity even if it means saying no the boss; when it comes to printing the facts on the financial statement. The structure of an organization will affect its financial management. Generally financial accounting is for outside use so they emphasize external reporting; which means they report to third parties such as; Medicare, Medicaid and other government entities and health plan payers. Managerial accounting is considered to be prospective as well as retrospective. It is of the upmost importance that the accountant must follow the guidelines principles and ethical standards of planning, controlling, organizing and directing, and decision making if they want to be successful at their job. References Financial Dictionary 2012 Financial Dictionary.net http://www.financialdictionary.net/define/Generally+Accepted+Accounting... LevySarfin, R. 1999-2012

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