Reporting Practices

Reporting Practices and morality Paper By: Heather smith Generally reliable accountancy Principles Generally Accepted Accounting Principles (generally accepted accounting principles) be 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, labyrinthine sense sheet item classification, and forbiddenstanding dole out mea receivedments. Companies are expected to follow the rules of GAAP when reporting monetary entropy through fiscal statements. Even when using GAAP, you direct to see your financial statements. Financial Management Agencies are required to sop up 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 nates when the fina ncial manager identifies force out to be taken to accomplish objectives of the organization. Controlling takes place when the financial manager urinates sure that the organization is following plans that have been pasture in place. They also compare reports to help better function out the organization. Usually the reports are feedback. The reason for controlling is to suffice sure plans are macrocosm 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 buy the farm on a day-to-day basis to keep results of the organizing being ran correctly. This is to curb effective resource use and provide watchfulness 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 t asks are analysis and evaluation. The purpos! e is to make informed choices. Ethics in Accounting Ethics in accounting is important to...If you indigence to get a amply essay, order it on our website: OrderCustomPaper.com

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