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Part 1: Managerial accounting consists of analyzing and using accounting information to make management decisions

Accounting

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Part 1:

Managerial accounting consists of analyzing and using accounting information to make management decisions. In order to do this, managers need to be proficient with financial data and how to interpret financial statements. In this course, we will study the three main financial statements used in businesses – the Income Statement, Balance Sheet, and the Statement of Cash Flows. Prior to that use this week to explore the role managerial accounting plays in assisting management achieve their company's goals by responding to the following prompt:

Consider the role of management accounting in relation to the company for which you work (or have worked). Discuss how the principles of management accounting can be utilized. What specific managerial accounting activities would be useful?

 

Your Discussion should be a minimum of 250 words in length and no more than 450 words. Please include a word count. Following the APA standard, use references and in-text citations from the textbook and any other sources.

 

Part 2:

Submit a paper which is 2-3 pages in length (no more than 3-pages), exclusive of the reference page. Your paper should be double spaced in Times New Roman (or its equivalent) font, which is no greater than 12 points in size. Cite at least three sources in APA format. 

In this paper, in addition to presenting the computed answers, please also discuss how you arrived at each answer the accounting problem asks. The accounting problem presents a company’s balance sheet, income statement, and statement of cash flows for a theoretical company, Polly’s Pet Products. Each of these statements has blank lines. Determine the values that would be appropriate for each blank line. Provide a narrative of how you arrived at each value. Include in this narrative an explanation of:

1. the financial statement being completed;
2. the account being valued;
3. its relationship to the other financial data.

For example, if the accounts payable (AP) line was missing, describe what a balance sheet is and explain that you can derive the AP value based on knowing all the other values of the current liabilities section. Then explain what an account liability is, as well as why it would belong in the current liabilities section of the balance sheet. Finally, analyze, evaluate, and develop a conclusion about the company’s performance based on the completed statements.

Please refer to the income statement, balance sheet, and statement of cash flows of Polly’s Pet Products.

Superior papers will mention and explain the following elements when responding to the assignment question:

• Provide correct balances for the blank financial account lines.
• Define the financial statement being completed.
• Discuss how the values were determined.
• Define and explain each account line that was completed.
• Analyze, evaluate, and develop conclusions about the company’s performance based on the financial information.

Be sure to use APA formatting in your paper.  Purdue University’s Online Writing LAB (OWL) is a free website that provides excellent information and resources for understanding and using the APA format and style. The OWL website can be accessed here: http://owl.english.purdue.edu/owl/resource/560/01/

 

Part 3:

When considering companies’ financial statements, we often think of investors and analysts using the information contained in those statements to assess whether or not to invest in the companies. However, financial statements are not just for investors. Please explain who else should be concerned with a company’s financial statements and why they are important.

As portfolio activities are to be self-reflective, please make sure to connect the portfolio assignment to:

• Your personal experiences. Reflect on how this assignment topic is applicable to and will benefit you.
• Course readings and any external readings.
• Discussion forum posts or course objectives.

The Portfolio Activity entry should be a minimum of 500 words and not more than 750 words. Use APA citations and references if you use ideas from the readings or other sources.