Acc 220 week 5 day 5 A new company

Acc 220 week 5 day 5 A new company - chapter 1 internal...

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If I was hired into a new company to oversee the accounting department I would definitely expect to see annual reports. For starters, the annual report will allow me to see past financial performance, current financial situation and possible future outlook. Generally speaking, financial reports objectively provide information that will be helpful for decision making. As shown in chapter 2 of text, a company that follows the GAAP, will go a long way in helping managers get the information they need for the most effective decision making process for the department and the company. To list other financial reports that will be helpful are the following: balance sheet will oversee the company to make sure it's financial stability is where it needs to be, the income statement will show the losses and profits if there is some, and cash flow gives sources for finances and how the company uses its cash, retained earnings statement the payment dividend practices. In our text it stated in
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Unformatted text preview: chapter 1 internal optional functions and managerial duties of the business accounting organization gives the reports for internal. In the reports it gives the operation alternatives for financial comparisons, the suspected income for the new sales campaigns and projected cash needed for the following year. I will use these financial reports to determine the best strategy possible for my decision making process. I will evaluate the past financial information as a review of what has worked financially in the past and what has not. I will also evaluate the current financial situation for the company because this will guide me in the right direction for the company objectives. I will then utilize the management functions to determine the company’s point of action and perhaps make changes in the direction to meet company goals....
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This note was uploaded on 12/04/2010 for the course ACC 220 220 taught by Professor Aliciahubbard during the Spring '10 term at University of Phoenix.

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