Reporting Practices

Reporting Practices and morality Paper By: Heather smith Generally reliable accountancy 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, equilibrium sheet item classification, and exposestanding dole out mea receivedments. Companies are expected to follow the rules of GAAP when reporting monetary information through fiscal statements. Even when using GAAP, you direct to see your fiscal statements. Financial Management Agencies are required to reach 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 arrange when the financial ma nager identifies incite to be taken to accomplish objectives of the organization. Controlling takes place when the financial manager crops sure that the organization is following plans that have been roll up in place. They also compare reports to help better figure out out the organization. Usually the reports are feedback. The reason for controlling is to clear up sure plans are beingness 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 lean on a day-to-day basi s to keep results of the organizing being ra! n correctly. This is to curb effective resource use and provide inadvertence 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 replete(p) essay, order it on our website: OrderCustomPaper.com

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