Real-world example to the operations or planning of a business

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Generally Accepted Accounting Principles (GAAP) – Guidelines & Policies https://www.accounting.com/resources/gaap/
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Describe a real-world example of each element by applying it to the operations or planning of a business where you have worked. Next, choose one of the elements and give an example of how you would apply it as the manager for a health care facility (i.e., primary care physician’s practice, a specialty practice, long-term care, clinic, hospital, etc.).
1. Planning. The financial manager identifies the steps that must be taken to accomplish the organization’s objectives. Thus, the purpose is to identify objectives and then to identify the steps required for accomplishing these objectives.
2. Controlling. The financial manager makes sure that each area of the organization is following the plans that have been established. One way to do this is to study current reports and compare them with reports from earlier periods. This comparison often shows where the organization may need attention because that area is not effective. The reports that the manager uses for this purpose are often called feedback. The purpose of controlling is to ensure that plans are being followed.
3. Organizing and directing. When organizing, the financial manager decides how to use the resources of the organization to most effectively carry out the plans that have been established. When directing, the manager works on a day to-day basis to keep the results of the organizing running efficiently. The purpose is to ensure effective resource use and provide daily supervision.
4. Decision making. The financial manager makes choices among available alternatives. Decision making actually occurs parallel to planning, organizing, and controlling. All types of decision making rely on information, and the primary tasks are analysis and evaluation. Thus, the purpose is to make informed choices.