Walden University Management Goals and Financial Ethics Essay

User Generated

arvfun2003

Business Finance

FNCE 3001

Walden University

FNCE

Description

Although it may seem that unethical practices in  the business world are more prevalent in recent years, they have  existed in one way or another throughout history. The business  structures or sales methods may look different from generation to  generation, but there will be people who still use corrupt methods and  take advantage of others, and for that reason organizations and  consumers must diligently avoid becoming a victim or perpetrator of  unethical practices. In this Assignment, you will explain how a business  can avoid unethical and deceptive financial reporting practices, as  well as explain the company’s financial and management goals.

Medi-Supply is a small but growing company that  sells medical devices to hospitals in the local area. The company wants  to expand their distribution regionally and hopefully nationally with  their innovative devices. They are looking for investors as well as  seeking out potential banks to borrow funds for expansion. These  investors require standardized financial statements and are very  hesitant to get involved with any companies before ensuring their  adherence to ethical business and financial practices, in order to avoid  tarnishing their reputation.

The  owner of Medi-Supply has hired XYZ Corporation to provide consulting  services to help them sort through their financial data, build their  financial statements to display to potential investors, and help them  ensure they are on track with their goals and are avoiding any potential  risks. You have been assigned to this project by your manager, Tim  Lewis. Tim asks you to compile the results of your review into a series  of reports, with detailed financial statements included.  

Note:  business report on Management Goals and Financial Ethics for  Medi-Supply company. In Week 2, you will complete a set of detailed  financial statements and a second business report for the company. Refer  to the Week 2 Assignment area for details.


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https://www.youtube.com/watch?v=Tdu0QPfoYZQ&index=1&list=PLUkh9m2BorqnDenjSLZ2DHIXrdxoN 4Bn_%20 https://www.youtube.com/watch?v=Tdu0QPfoYZQ&index=1&list=PLUkh9m2BorqnDenjSLZ2DHIXrdxoN 4Bn_%20 https://courses.lumenlearning.com/boundless-finance/chapter/goals-of-financial-management/ https://courses.lumenlearning.com/boundless-finance/chapter/introducing-financial-statements/ https://www.youtube.com/watch?v=oOooGEclExo https://bizfluent.com/info-7850925-ethical-issues-financial-statement.html https://www.investopedia.com/articles/financialcareers/09/professional-standards-ethics.asp https://www.rev-ignition.com/5-ethical-concerns-financial-reporting-analysis/ Week 1 Assignment Template Part 1: Management Goals and Financial Ethics Financial and Management Goals Replace this text with your response to the following: In 75–150 words (1–2 paragraphs), explain what types of financial and management goals Medi-Supply might have as the company moves forward to look for investors. Unethical Practices in Financial Reporting Methods Replace this text with your response to the following: In 225–300 words (3–4 paragraphs), explain how Medi-Supply can avoid unethical practices in their financial reporting methods. Be sure to provide information on handling material non-public information correctly, developing an internal process for reporting unethical activities, reporting revenue appropriately, showing accurate debt with balance sheets that are balanced, and avoiding hidden reserves. Additionally, describe at least two other unethical financial reporting methods that could impact customers or shareholders. Page 2 of 3 References Include appropriately formatted references to at least one scholarly source for each prompt to support the statements made in your report. Please refer to the Writing Checklist for more information. Page 3 of 3
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Week 1 Assignment Template

Part 1: Management Goals and Financial Ethics
Financial and Management Goals
Medi –Supply may have profitability and revenue and cash flow accounting as it moves forward to
search for investors. Profitability remains an essential company financial goal. Notably, the concept
entails earning more revenues compared to operating expenses. Most investors will love to associate
themselves with such an organization. Besides, cash flow accounting is critical because it depicts the
organization's capability to ensure adequate capital for basic expenses coverage.
The management of the organization may have the goal of upholding ethics in financial r...


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