Practice and Ethics Hcs/405 Essay

1303 WordsMay 25, 20156 Pages
Ethics in Management Who Thought of This Individual Assignment Health Care Financial Accounting HCS-405 January 15, 2015 Terri Andrews, Facilitator Who Would Have Thought When you think of management, trust me ethics is not the first thing that pops into your head. Management ethics and practices are a very important part of financial management. Financial management is broken up into four divisions and are based on the purpose of each task. Most people only want to so more emphases to only three of these because they feel they are the most important they are (planning, controlling, and decision making), but the other one people fail to mention is organization. I mean someone has to be organized and give some direction. This division of management is rarely recognized and the reason for this is because for the most part a managers time is far spent actively performing these duties. We are going to discuss these generally accepted accounting principles along with corporate compliance, ethics, along with fraud and abuse. Elements of Financial Management The four recognized elements of financial management are: planning, controlling, decision making, and organization and directing. In order for management to be able to run smoothly like the gears of the business these elements have to be put to action. Financial managers have a pretty demanding job they have to make sure all elements are put to action and be able to keep everything functional. Planning is the first step in financial management. Managers determine the steps to be put in motion for an organization to complete its objectives. Depending on the type of organization these objectives are often what the organization stands for and what it is trying to work to make better. Example of this is an organizations mission statement. If the mission statement for the organization is
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