Ethics

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HCS 405

Ethics

There are four significant elements of financial management, "There are four basic financial statements. You can think of them as a set. They include the balance sheet, the statement of revenue and expense, the statement of fund balance or net worth, and the statement of cash flows." (Baker & Baker, Chapter 4, 2011). Financial manager need to have a balance sheet to review or perform an audit so they can see the debt to income ratio for the organization they are financially responsible for. The statement of revenue and expense provide a clear financial outlook of the organizations financial situation during certain time periods. The significance of the statement of fund balance or net worth is to identify cash and property assets of the organization...