Answer to Question #72354 in Accounting for Brodie

Question

FNSACC506 T5

A: What information might be required in reports to managers and to the board?

B:The preparation, effort and care that goes into a report should reflect its usage. Comment on this statement

Answer 1

Ans A.
The information required for the managers in any organization includes the selecting staffs, designing the implementations of tasks, enhancing and utilizing skills of staffs, understanding roles and responsibilities, preparing monthly, quarterly and annually financial reports containing information of balance sheets, cash flow projections, financial conditions of organization to run the organization well.
The information required for the board may be the setting the goals for accomplishment of the tasks, publicity strategies for the marketing, information of company’s financial control strategies, deciding roles of third parties audits for accounting procedures, making policies for members to set accountability to the company.
Reference:
Drury, C. (2008). Management and Cost Accounting (7th ed., pp. 50-60). Cengage Learning EMEA.
Answer B
An organization should take every effort to show the true and fair picture of its financials. The preparation of financial statements should be carefully made that show the correct format prescribed by IFRS. The financial and other organizational reports should be professionally prepared. Human and technical errors should be avoided to sustain the accuracy of data.
McNamara, C. (2018).All About Boards of Directors (For-Profit and nonprofit).managementhelp.org. Retrieved 9 January 2018, from https://managementhelp.org/boards/