Financial Statements Managerial Accounting Discussion

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Assignment Details (Lesson 1) – Balance Sheet Financial statements are the primary means of communicating financial information to users. It is important to have a firm understanding of the income statement, balance sheet, and statement of cash flows. Managers will make decisions daily that will have an effect on the elements of the accounting equation: Assets = Liabilities + Owners’ Equity. Managerial accounting reports use these same financial statements but also incorporate non-financial information that will assist internal users in making strategic and tactical decisions. For this reason, it is important for you to understand how decisions will affect the accounting equation. The following spreadsheet is for Manhattan Family Dentistry on January 1 of the current year. Complete the following balance sheet for Manhattan Family Dentistry on January 4 of the current year. Assignment Details (Lesson 2) – Balance Sheet Financial statements are the primary means of communicating financial information to users. It is important to have a firm understanding of the income statement, balance sheet, and statement of cash flows. Managers will make decisions daily that will have an effect on the elements of the accounting equation: Assets = Liabilities + Owners’ Equity. Managerial accounting reports use these same financial statements but also incorporate non-financial information that will assist internal users in making strategic and tactical decisions. For this reason, it is important for you to understand how decisions will affect the accounting equation. The following spreadsheet is for Manhattan Family Dentistry on January 1 of the current year. Based on the information recorded in the balance sheet you completed in Submission Lesson - 1, in 2-3 pages, what non-financial information could be requested for a managerial report to be used for internal decision making? Assignment Details (Discussion Question) 300-350 words with References Over the last 50 years the financial reporting systems have dramatically changed and will continue to change as the financial world faces changes such as globalization, changing regulations and the increased use of technology. The accounting profession must be ready to not only face these changes but to also adapt to them, providing relevant and reliable information to the many internal and external users of financial and managerial accounting reports. It is important to understand the difference between managerial and financial accounting reports. You are the chief executive officer of a multinational corporation that operates wholly owned subsidiaries in several countries. One of the company’s manufacturing plants is located in Europe. As CEO, respond to the following questions in 400-600 words: • • What types of internal and external accounting reports will you use in the process of making decisions? How will the reports differ for a multi-national corporation?
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Running head: NON- FINANCIAL INORMATION

Non-financial information
Name:
Date:
Institution:

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NON-FININACCIAL INFORMATION

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When leaders in a company are making a decision, they consider both financial and
non-financial reports for optimal performance of the business. Internal decisions involve
strategies the business will embark to maximize the business profits. Before laying the
strategies, the company will consider areas they feel the company should improve. Areas,
where a business should improve, is reflected in both financial and non-financial reports.
There are various types of non-financial reports the managers should consider to go hand in
hand with the financial reports to make a strategic decision.
Non-financial reports in a firm are all the reports that consider the non-finance aspects
of the business. They include customer satisfaction, employee satisfaction, employees’
appraisals, customer service levels of the firm, feedback from the customers, social
responsibility of the firm, diversity within the organization, environmental impacts, etc. They
assist managers in making informed decisions on the firm while considering all the rules and
regulations of the government. They directly affect financial performance, either directly or
indirectly. It is therefore important to include them when making the decisions.
Customer satisfaction is one of the non-financial aspects of a firm that affect customer
loyalty to the business. Customer satisfaction indicates to the manager how well the firm is
able to provide services to its customers. It answers the question, can the customer can back
for the services? It is important to be aware of customer satisfaction levels as it helps
managers make decisions on where and how they can improve their services. The feedback of
the customers is very key in managers decisions on how ...


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