Assignment Details (Lesson 1) – Balance SheetFinancial statements are the primary means of communicating financial information to users. It is important
to have a firm understanding of the income statement, balance sheet, and statement of cash flows. Managers
will make decisions daily that will have an effect on the elements of the accounting equation: Assets =
Liabilities + Owners’ Equity. Managerial accounting reports use these same financial statements but also
incorporate non-financial information that will assist internal users in making strategic and tactical decisions.
For this reason, it is important for you to understand how decisions will affect the accounting equation.
The following spreadsheet is for Manhattan Family Dentistry on January 1 of the current year.
Complete the following balance sheet for Manhattan Family Dentistry on January 4 of the current year.
Assignment Details (Lesson 2) – Balance Sheet
Financial statements are the primary means of communicating financial information to users. It is important
to have a firm understanding of the income statement, balance sheet, and statement of cash flows. Managers
will make decisions daily that will have an effect on the elements of the accounting equation: Assets =
Liabilities + Owners’ Equity. Managerial accounting reports use these same financial statements but also
incorporate non-financial information that will assist internal users in making strategic and tactical decisions.
For this reason, it is important for you to understand how decisions will affect the accounting equation.
The following spreadsheet is for Manhattan Family Dentistry on January 1 of the current year.
Based on the information recorded in the balance sheet you completed in Submission Lesson – 1, in 2-3 pages,
what non-financial information could be requested for a managerial report to be used for internal decision
making?
Assignment Details (Discussion Question) 300-350 words with References
Over the last 50 years the financial reporting systems have dramatically changed and will continue to change
as the financial world faces changes such as globalization, changing regulations and the increased use of
technology. The accounting profession must be ready to not only face these changes but to also adapt to them,
providing relevant and reliable information to the many internal and external users of financial and
managerial accounting reports.
It is important to understand the difference between managerial and financial accounting reports.
You are the chief executive officer of a multinational corporation that operates wholly owned subsidiaries in
several countries. One of the company’s manufacturing plants is located in Europe. As CEO, respond to the
following questions in 400-600 words:
•
•
What types of internal and external accounting reports will you use in the process of making
decisions?
How will the reports differ for a multi-national corporation?
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