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Managerial Accounting

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The VP of Operations would like to increase profitability, improve customer service, and expand the business. Even though the external accounting department spends 5 days preparing each quarter's financial statements issued to the company's shareholders.

You are to attend an afternoon meeting to discuss why this is the case. You have been assigned the task of examining the pertinent information and proposing two recommendations for the Vice President. These recommendations are to take effect at the end of the quarter.

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This solution is comprised of a detailed explanation to examine the pertinent information and proposing two recommendations for the Vice President.

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Managerial accountants have a wider responsibilities and broader role than normal accountants.

Normally the accounting system is used to provide financial statements to interested external users, plan the operations of the organization in both short and long run, and control the results of its operation. They can be divided into financial accounting and managerial accounting.

In financial accounting, the responsibilities of the accountant are to record, classify, analyze, summarize, and ...

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