Week 1 DQs - specified sales target to ensure that the...

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1) Interview a friend or family member about his/her work environment. Is his/her organization a sole proprietorship, partnership, or  corporation? Who is involved with the accounting decisions and information? In what ways is your friend or family member affected  by the accounting information?  2) Describe one of the four basic financial statements, and answer the following questions.  o        For what is it typically used?  o        What information is the most valuable?  o        How does it complement another financial statement? Answers I have interviewed a friend who works for Cingular as a Regional Sales Manager.  Cingular is a corporation whose shares are  publicly traded.  The Chief Financial Officer is the head of the Finance Department that handles the company’s financials – whether  financial, or managerial accounting, as well as finance.  My friend is affected by the accounting information since he has to achieve a 
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Unformatted text preview: specified sales target to ensure that the budgeted revenue figures are met, and that the expenses are maintained at a certain budgeted level. The Statement of Owners’ Equity reports information about how equity changes over the reporting period. This statement shows beginning capital, events that increase it (owner investments and net income), and events that decrease it (withdrawals and net loss). Ending capital is computed in this statement and is carried over and reported on the balance sheet. This ending capital is the most valuable information since it is carried over to the Balance Sheet as the figure in Retained Earnings – which are the funds the company retains and does not distribute as dividends so that the company’s management can plan for future expansions....
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  • Spring '11
  • Chief financial officer, basic financial statements, Cingular, his/her work environment., Sales Manager.  Cingular, budgeted revenue figures

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