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3 years ago

Explain why a finance manager need to understand accounting information even if the firm has a trained accountant on its staff.

Business

1 answer:

nekit [7.7K]3 years ago

7 0

Answer:

Following are the solution to the given question:

Explanation:

A financial manager should understand adequate information on accountancy. This is irrespective of whether the business does have a trained counterpart.

Accountancy is a necessary input into the function of financial management. Throughout the extent, as accounts were important input in financial decision-making is closely connected with both the interaction between finance and financial.

Accrual analysis provides information mostly on the company's operations. The result of the accountancy is accounts like the income statement, the income statement, and the position financial adjustments report. The information in such statements helps money advisors assess a company's previous growth and career projections.

The purpose of accountancy in the choice process is to gather and provide financial data on the institution's past, present, and future activities.

During the economic transaction, the finance department uses these data. This is not possible for money advisors to collect data or to make choices from accounts. And an investor's primary focus is to collect data and display it, whereas budgeting, control, and judgment are the main job of a financial manager. In a sense, financial management starts at the end of accountancy.

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Explain the importance of thoroughly checking your SAR and what steps you can

melisa1 [442]

Based on financial analysis, the importance of thoroughly checking your SAR is that "possessing an accurate SAR gives individuals the high tendency of earning a financial aid award."

Generally, the financial aid awards depend on the accurate details given in the SAR report.

However, should there be an error in the SAR report, here is the step you can take:

Either you correct or update your Free Application for Federal Student Aid, often referred to as FAFSA form.

The FAFSA form can be filled online.

SAR is an acronym for Student Aid Report.

Hence, in this case, it is concluded that SAR information is crucial for students that need financial aids.

Learn more here: brainly.com/question/24801462

5 0

2 years ago

Retained earnings $52,000 Accounts Payable $15,000 Supplies 37,000 Common stock 25,000 Equipment 72,000 Note payable (due in 18

Naddika [18.5K]

Answer:

$22,000

Explanation:

Current liabilities are debts that a company must pay within a twelve month period.

This company's current liabilities are:

Accounts payable $15,000
Interest payable $7,000

Total current liabilities = $15,000 + $7,000 = $22,000

Since the note payable is due in 18 months, it is not considered a current liability.

8 0

3 years ago

you want to put $2,500 in a simple interest account. It has a 4% annual interest rate. How long will it take you to earn $200 in

Solnce55 [7]

It will take 2 years because eaxh year you get 4% of the $2500 which means $100 a year

6 0

2 years ago

Hubert lives in San Francisco and runs a business that sells boats. In an average year, he receives $842,000 from selling boats.

aev [14]

Answer:

Explicit costs are normal costs of operating a business.

Implicit costs are opportunity costs meaning that they are the benefits foregone by engaging in a certain course of action.

The wholesale cost for the pianos that Hubert pays the manufacturer ⇒ EXPLICIT COST.

The salary Hubert could earn if he worked as an accountant ⇒ IMPLICIT COST.

The wages and utility bills that Hubert pays ⇒ EXPLICIT COST

The rental income Hubert could receive if he chose to rent out his showroom. ⇒ IMPLICIT COSTS

Accounting Profit = Revenue - Explicit costs

= 842,000 - 452,000 - 301,000

= $89,000

Economic Profit = Revenue - Explicit costs - Implicit costs

= 842,000 - 452,000 - 301,000 - 38,000 - 48,000

= $3,000

If Hubert's goal is to maximize his economic profit, he should stay in the piano business because the economic profit he would earn as an accountant would be -$3,000.

Economic profit as accountant = Salary + rental income - accounting profit from piano

= 48,000 + 38,000 - 89,000

= -$3,000

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2 years ago

A healthy fast-casual restaurant that offers only vegetarian and vegan meals insists on portraying organic ingredients in its ad

Gelneren [198K]

The strategy that they use is signaling value by targeting sophisticated buyers

This type of strategy could only work if the target market has specific preferences.
Even though the number of potential consumers for this market tend to be considerably small compared to another market, but the customers that obtained through this strategy tend to show higher level of loyalty.

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2 years ago