FINANCIAL ACCOUNTING: TOOLS LL W/ ACCES
9th Edition
ISBN: 9781119493648
Author: Kimmel
Publisher: WILEY
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Indicate whether the information is more representative of managerial versus financial accounting. The first item is shown as
an example.
Information Item:
Estimates of future revenue
GAAP-based product cost
Salary of the manager of a particular branch of a bank
Salary expense for all company employees shown in the income statement
Historical-based information included in financial statements
Reporting rules established by government authorities
Reports designed for the company president
Daily time clock reports
A company's annual report to stockholders
Budgets
Information provided to investors and creditors
Vacation schedules for key employees
Customer satisfaction survey results
Amount of total assets shown on the balance sheet
Managerial accounting
Financial reports are the primary means by which corporations report their performance and financial condition.Financial statements are one component of the annual report mailed to their shareholders and to interested others.Required:Obtain an annual report from a corporation with which you are familiar. Using techniques you learned in thischapter and any analysis you consider useful, respond to the following questions:1. Do the firm’s auditors provide a clean opinion on the financial statements?
The annual reports of public corporations normally include a section on Management Discussion and Analysis (MD&A). Please examine the MD&A section of your selected company and let us know about any comments included regarding management's assessment of the company's liquidity and the availability of capital to the company. Also, please select one of the profitability ratios and calculate or find it for your company. Please let us know what this profitability ratio indicates about the financial health of your company.
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