Hcs 405 Financial Reporting Practices And Ethics Paper

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Reporting Practices and Ethics Paper Sharon Tucker HCS/405 May 13, 2013 Elizabeth Caissie Abstract The implementation of financial reporting and ethical standards are crucial for the growth and progression of an organization. Reporting fairly and accurate data will help control measurements that may address theft and/or fraud within the structure. Ethical standards are vital for the development in an organization’s set rules and policies in having quality in the services provided including integrity, values, and delivering effective outcomes in honesty. Generally accepted accounting principles (GAAP) are set guidelines which indicate rules, regulations, and procedures that are implemented for the maintenance and/or monitoring records. An organization that provides a financial statement to the public, investors or government funding entities must follow the set standards developed by Financial Accounting standards Board (FASB). Information documented within a report must be reliable, consistence, and have comparability outcomes and measurements delivery objectives. An…show more content…
* Controlling- monitoring and reviewing that objectives set are being fulfilled while comparing documented data that helps recognize weak areas that may not be performing at a high level of effectiveness. * Organizing and Directing- The utilization of resources to achieve effective outcomes within the set objectives that has be incorporated. Directing is the day-to-day objectives performed by the manager for the overall benefit of providing leadership and utilizing available resources for all tasks to accomplish efficiency within the structure. * Decision-making- informed decisions that may come from studying and analyzing and evaluating information for the purpose of growth and progression

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