a new company - help me have some expectations for future...

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Check Point: A new company Check Point: A new company Nikki Vergets Acc/220 12/13/10 Eric Weitner 1
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You have been hired into a new company to oversee the accounting department. What type of financial reports would you expect to see in your department? How will you use the financial reports available to you to make business decisions? There are many reports that I would expect to see in my department an income statement, statement of retained earnings, and a balance sheet. All of these are very important when dealing with accounting in any way. But depending on the department, at the very least, I'd want a monthly 'Budget variance' report. This would show my budget, what was actually spent, and the difference listed by account. I would also use the productivity report to spot and correct any problems with the production process, and to
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Unformatted text preview: help me have some expectations for future cash flow problems arising from slow weeks. Analyzing the trends in the liquidity report can give me a preview of what my profit may be at month end, and will also help me identify coming cash flow issues and problems with operations. Managers of business call for a variety of financial reports to make decisions. Remember that most businesses operate to make a profit for the shareholders; hence most management decisions will be directed accordingly. Labor efficiency reports help to determine whether it is appropriate to train the workforce further or whether to invest more capital in new equipment and perhaps become more capital intensive of more labor intensive. 2...
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a new company - help me have some expectations for future...

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