Reporting Practices

Reporting Practices and morality Paper By: Heather metal pastureer Generally reliable history Principles Generally Accepted Accounting Principles (generally accepted accounting principles) ar obligate on companies so that investors apply got a minimum train of consistency in the fiscal statements they use when analyzing companies for investment purposes. (Investopedia 2012) GAAP covers revenue recognition, equilibrise sheet item classification, and bystanding dole out mea receivedments. Companies atomic number 18 expected to follow the rules of GAAP when reporting monetary info through pecuniary statements. Even when using GAAP, you direct to visit your financial statements. Financial Management Agencies are required to stick an effective financial management system as a condition of receiving federal funds. The four elements of financial management are: planning, controlling, organizing and directing, and decision making. Planning takes hind end when the financial manager identifies take to the woods to be taken to accomplish objectives of the organization. Controlling takes place when the financial manager dissembles sure that the organization is following plans that have been barf in place. They also compare reports to help better flip out the organization. Usually the reports are feedback. The reason for controlling is to give rise sure plans are creation followed.

Organizing and directing takes place when the financial manager figures out how to use the resources of the organization to carry out plans that have been put in place. The manager will w ork on a day-to-day basis to keep results of! the organizing being ran correctly. This is to curb effective resource use and provide care on a daily basis. Decision making takes place when the financial manager makes choices among alternatives. It occurs parallel to planning, organizing, and controlling. Decision making relies on information, and primary election tasks are analysis and evaluation. The purpose is to make informed choices. Ethics in Accounting Ethics in accounting is important to...If you indigence to get a proficient essay, order it on our website: OrderCustomPaper.com

If you want to get a full essay, visit our page: write my paper