Accounting Principles And Ethics Articles

Running Head : ACCOUNTINGaccount Principles and EthicsNameName of UniversityName of ProfessorSubject report Principles and Ethicsfiscal guidance is the appendage of selection , pecuniary support , and stewardship of the assets of any agreement . Assets be the things (tangible or intangible asset ) that governances consume or , under certain circumstances , physical exercise up . in that location ar many criteria for legal fiat . In financial circumspection , however , one is relate with selecting assets according to financial criteria : what assets best serve the financial goals of the organization ? Assets , to be acquired , essential be paid for or financed . In financial management , one moldiness decide what substance of financing is least(prenominal) costly and best balances risk and expected croak for t he organization as a whole . Once finance and acquired , assets must be plowd for . They must be maintained , replaced , cast aside , and in the case of financial assets , their returns reinvested . All of these are the problems of financial management (McLean , 2003Even the smallest haleness care organizations have professionals (accountants , analysts , bookkeepers , treasurers , planners ) who are finickyists in financial management . Broadly conceived , financial management is not a task for specialized managers , but is a special come near to what all managers do (McLean , 2003 . In financial management , financial specialists and non-specialists prepare financial statements . Financial statements are prepared in accordance with Generally Accepted Accounting Principles (generally legitimate accounting tenets ) and they are in the main orient toward historical cost information (Finkler and Ward , 1999 generally accepted accounting dominions s are holdd by accountants and organizations as guiding var. to formu! late financial statements . In the past , this accounting principle is developed from best industry practice . However , instanter , generally accepted accounting principles s are promulgated by authoritative bodies such(prenominal) as the Financial Accounting Standards Boards (FASB . The FASB is an independent body that formulates the parvenu accounting rules that are to be adhered to the accounting professions and practicing health care accountants .

The Financial Accounting Standards Board recently published an photograph draft , The pecking order of Generally Accepted Accounting Principles , in connection wi th its efforts to emend the quality of financial accounting standards and the standard-setting process (Healthcare Financial commission , 2005Generally Accepted Accounting Principles are not black and uninfected rules that define what should be done in every credible situation but rather road map sets or frameworks to determine what is the proper treatment regarding the legal proceeding of a health care organization . In fact , GAAP s normally provide different pickings medical practitioners can use and still conform . For example , GAAP s allow a number of different ways for health care organizations to right on depreciate assets . The same is true for inventory valuations , for example , wipe out away in , showtime out (LIFO ) or first in , first out (FIFO ) and so on . The social function of these alternatives is to defy health care organizations the opportunity to choose the account option that best reflects the economic reality of the underlying transactions (St ahl , 2004In health care organizations , particularly! in nursing , several(prenominal) virtuous choices are faced . Morals , as well as ethics , refer to social custom regarding the rights and wrongs , in surmise and in practice , of human behavior (Thompson...If you demand to seduce a full essay, order it on our website: BestEssayCheap.com

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