Hcs/405 Financial Report

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Reporting Practices and Ethics Christy Breaux HCS/405 Wilfred Dourrieu No matter it is a nonprofit or for-profit company, financial management is difficult, but using the next four elements of the financial management organizes the company easier. With these four elements the correct accounting principles can be disclosing the financial status. The financial management team is responsible to be precise, up to date, and incorporate financial report principles by the mission statement and code of ethics of the company. A company responsibility and needs the honesty to reveal the correct financial status the public or any of its shareholders. Monetary problems may occur if the report has…show more content…
This paper with discuss the four elements of financial management, the generally accepted accounting principles (GAAP), and why are the universal…show more content…
Management is required to set realistic goals for the company along with objectives. A plan of action will be set and requiring management to let others be aware of the policies that need to be followed. Is helps keep the companies managers aware of the finances and the future of the company’s finances to make the right decisions. Controlling is when the company must follow the original plans that have been set from the beginning. Organizing and directing is thinking of ideas and putting into effect. The established plans will help run the company in a better financial future. The managers have to decide help to organize the information and direct employee to follow the right concept to better the company. Last elements is the decision making is the deciding which choice is right and see if there are any alternatives for the company financial

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