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Happy Hospital Scenario - Essay Example

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Happy Hospital Scenario

The budget can be considered a comprehensive short term plan of the future of a company and the actions that are needed to implement the plan. The use of budgeting has many advantages. Budgeting can be used as a means of communicating management’s plans throughout an organization (Garrison & Noreen, 2002). A set of financial reports that are very useful for the stakeholders of an organization are its financial statements. The four basic financial statements are the income statement, balance sheet, statement of cash flow, and statement of retained earnings. The income statement provides information regarding the profitability of a company during an accounting period. The typical accounting cycle is completed in one year. The net income is the final outcome of the income statement and it provides the net profits that are earned during a period of time. This statement can be used to improve the decision making of the firm to achieve better financial results. For instance if a company has a net margin of 2% and the industry net margin is 10%, the company had profitability problems. A manager may decide to implement a cost reduction plan across the entire organization in order to increase the profitability of the firm by lowering the total expenses. ...
The statement of cash flows shows the outlays of cash divided by three types of activities: operating, financing, and investing. When companies are having cash flow problems the statement of cash flow can be very useful to identify how cash

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is being used by the company. Ethics is a very important element of a successful business enterprise. Ethics can be defined as the standard of conduct by which one’s actions are judged as right or wrong, honest or dishonest, fair or not fair (Weygandt, Kieso, Kimmel, 2002). In the accounting field ethics is of utter importance since the credibility and validity of accounting work is based on the trust the general public have on the high ethical standards followed by the profession. Back in the early part of the 21st century the financial and accounting community was suffering from trust and credibility issues after the Enron and WorldCom financial debacles. Congress and the SEC intervened in the situation and created the Sarbanes-Oxley Act (SOX) of 2002. SOX raised the ethical standards of the profession by raising the accountability of executives and accountants. The CEO of the company and its executive staff are now liable in case of fraud and may face large fines and prison time if convicted in a court of law. In the business environment of today customers expect a high ethical standard from corporations as well as a commitment to social corporate responsibility. A piece of information that is relevant for Happy Hospital when making decisions is ensuring the accounting department is in full compliance with the generally accepted accounting principles. It is important to evaluate the financial performance of the company to ensure it is complying with the expectation of the shareholders. The

Summary

Budgets and performance reports can be used by managers to improve the decision making at a company. Budgets enable a manager to project the future revenues and costs associated with a time period. It is imperative for budgets to have accurate sales and expense forecast…
Author : chodkiewicz
Happy Hospital Scenario essay example
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