Deliverable Length: 1-2 page memo
Details: You are the manager of an accounting department and would like to hire another managerial accountant to focus on internal accounting. The CEO is not convinced that a managing accountant position is needed. Prepare a 1-2 page memo for the CEO on the following:
* Explain the objectives and characteristics of an internal accounting system.
* Include an explanation of the importance of this information to the company.
* Include an explanation of ethics in business and the managerial accountant's role in upholding the code of ethics.
# Objective: Appraise the functions of, and explain the nature and scope of managerial accounting
# Assess the role of performance measures in an organization
# Apply the budgeting process to the role of responsibility centers in business organization
Explain the objectives and characteristics of an internal accounting system. Include an explanation of the importance of this information to the company.
Internal accounting or management account is an extremely important exercise to assist managers in taking timely and informed financial management and other strategic decisions in the organization. Management accounting allows organizational managers to assess the real health and performance of organization and assist them in spotting trends in an early timeframe to take timely strategic decisions.
In today's extremely dynamic and competitive business environment, managers need to know exactly where their organization is heading and evaluate the performance of the organization on a regular ...
Explain the objectives and characteristics of an internal accounting system.
Petty Cash Fund with a Shortage: Gannon Company
Gannon Company establishes a $400 petty cash fund on September 9. On September 30, the fund shows $166 in cash along with receipts for the following expenditures: transportation-in, $32; postage expenses, $113; and miscellaneous expenses, $87. The petty cashier could not account for a $2 shortage in the fund. Gannon uses the perpetual system in accounting for merchandise inventory. Prepare (1) the September 9 entry to establish the fund and (2) the September 30 entry to both reimburse the fund and reduce it to $300.View Full Posting Details