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    University Controller: Financial Data from Operations

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    The controller of a small private college is complaining about the amount of work she is required to do at the beginning of each month. The president of the university requires the controller to submit a monthly report by the fifth day of the following month. The monthly report contains pages of financial data from operations. The controller was heard saying, "Why does the president need all this information? He probably doesn't read half of the report. He's an old English professor and probably doesn't know the difference between a cost and revenue.

    a. What is the probable role of the monthly report?
    b. What is the controller's responsibility with respect to a president who doesn't know much accounting?

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    Solution Preview

    a. What is the probable role of the monthly report?

    The monthly report is used an evaluation of tool to monitor the college financial performance. From the information ...

    Solution Summary

    This solution explains the probable role of a monthly report and the controller's responsibility with respect to a president who doesn't know much accounting.

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