How accounting information is used by managers

Reference no: EM132128906

Assignment

You have recently hired a new assistant, Susan Thompson, who previously worked in a financial accounting office preparing journal entries, which provide you with a recording of the day-to-day activities of the company and financial statements (income statement, statement of owners' equity balance sheet, and cash flow statement).

Although your new assistant has experience with and fully understands financial accounting, she has no experience with managerial accounting. (750 - 1,000 words, not including title page and references)

Part 1

In a memo to your new assistant, Susan Thompson, complete the following:

Explain to her the similarities and differences between financial and managerial accounting.

Provide examples of managerial accounting reports that she could expect to see within EEC, and explain how management might use the information to make decisions.

Keep in mind that although the income statement, the statement of owners' equity balance sheet, and the cash flow statement are generated in financial accounting, they are used to develop all of your managerial accounting reports.

Examples of a few of those reports are the horizontal analyzes, vertical analyzes, and ratios.

Part 2

In a memo to the board of directors, discuss the information found in each of the following financial statements, and describe how accounting information is used by managers for planning and control:

Balance sheet

Income statement

Statement of cash flows

Statement of stockholders' equity

Reference no: EM132128906

Questions Cloud

How did your opinions change after the research : Based on your understanding of your chosen group, what specific sex or gender-related expectations do you have regarding this population?

Summary of the approach or methodology and innovation : What improvement has been achieved, what understanding has been gained from the preliminary study, what can be further improved

What would you describe as the benefits : What kinds of exercises would include in the training to help healthcare professionals recognized their own gender stereotypes?

Why do you think that the permanent exhibit you have chosen : Why do you think that the permanent exhibit you have chosen will appeal to the city's diverse citizens as well as to foreign visitors?

How accounting information is used by managers : Explain to her the similarities and differences between financial and managerial accounting.

Review the website creation options : Create a page including section headings for an Overview of Poverty, Support, and Resources. Be sure to link the page to the homepage.

How might elements from the survey affect student learning : How might these survey questions be answered by individuals with backgrounds that differ from your own?

Develop the rules for your future classroom : Develop 4-5 rules for your future classroom. Define 4-5 procedures that will create a productive, positive classroom environment.

Report on mobile health devices : IT RISK MANAGEMENT ASSIGNMENT - Risk Assessment Report. You will write a report on the project IT risks based on the scenario

User Account

All Pages