Principles of Accounting Volume 2
19th Edition
ISBN: 9781947172609
Author: OpenStax
Publisher: OpenStax College
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Textbook Question
Chapter 1, Problem 12MC
The controller of a corporation:
- reports to the CFO and is in charge of the finance side of the business
- reports to the CFO and is in charge of the accounting side of the business
- reports to the CEO and implements all cash policies
- reports to the board of directors
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4. Match the description with its appropriate term.
Group choices:
a. Chief Financial Officer
b. Financial Analyst
c. Enrolled Agent
d. Chief Executive Officer
e. Controller
f. Cash Managemnet Accountant
Has responsibilities that include transferring monies between accounts and monitoring deposits?
The corporation officer who has the overall responsibility of the management of a company?
A corporate officer who reports to the chief executive officer and oversees all of the accounting and finance concerns of a company?
The financial officer of a corporation reporting to the chief financial officer who is responsible for the accounting records and financial statements?
A credential focusing on a career in taxation created by the IRS to signify significant knowledge of the US tax code?
Someone who assists in preparing budgets, tracking actual costs and performs other tasks that support other management personnel in organizing forecasts and projections?
What position is typically responsible for general financial accounting, managerial accounting, and tax reporting?
Controller
Treasurer
CFO
Audit committee
Which of the following is correct?
a. The Controller is responsible in overseeing financial accounting, and cost accounting functions of the firm.
b. Both the Controller and Treasurer reports directly to the company’s Chief Audit Officer.
c. The firm’s Controller manages the firm’s cash and manages key risks.
d. Capital budgeting process is under the controller’s responsibility since this process involves potential cash disbursement
Chapter 1 Solutions
Principles of Accounting Volume 2
Ch. 1 - The managers of an organization are responsible...Ch. 1 - Management accountants help the management of an...Ch. 1 - Which of the following is a primary aspect of the...Ch. 1 - During the control function, the measurements...Ch. 1 - Which of the following is false regarding...Ch. 1 - Managerial accounting produces information: to...Ch. 1 - Management accounting: emphasizes special-purpose...Ch. 1 - Internal users of accounting information would not...Ch. 1 - External users of accounting information would...Ch. 1 - Which of the following statements is incorrect?...
Ch. 1 - The stockholders of a company are: the owners...Ch. 1 - The controller of a corporation: reports to the...Ch. 1 - The Certified Financial Analyst (CFA)...Ch. 1 - The Certified Management Accountant (CMA)...Ch. 1 - Which of the following terms means the ability to...Ch. 1 - Which of the following terms means knowing how a...Ch. 1 - What is the law that protects investors from...Ch. 1 - What year was the Sarbanes-Oxley Act enacted? 2007...Ch. 1 - When a representative of an organization gives...Ch. 1 - The law that specifically prohibits payments to...Ch. 1 - Which of the following is not a step in the...Ch. 1 - Which of the following is not an objective used in...Ch. 1 - Which of the following is not true regarding...Ch. 1 - A companys attempts to utilize sustainable...Ch. 1 - A process that is often linked to Six Sigma and is...Ch. 1 - An inventory system that organizations use to...Ch. 1 - A quality control program that depends on multiple...Ch. 1 - Carlita believes an important part of the planning...Ch. 1 - What are some activities and tasks a manager might...Ch. 1 - If there are deviations from the stated goals and...Ch. 1 - Explain how managerial accountants help managers...Ch. 1 - How do the subject matter of reports and the...Ch. 1 - What is the purpose of management accounting?Ch. 1 - Who are the primary users of the information...Ch. 1 - What are the key differences between financial...Ch. 1 - Other than accounting skills, what six qualities...Ch. 1 - Explain how having more than one of the accounting...Ch. 1 - Briefly discuss the chain of command for someone...Ch. 1 - According to the information available at...Ch. 1 - According to the information on management...Ch. 1 - What other professional business organizations...Ch. 1 - How can having a bonus system based purely on...Ch. 1 - What led to the United States Congress passing the...Ch. 1 - What is an enterprise resource planning (ERP)...Ch. 1 - Describe what is meant by the term balanced in the...Ch. 1 - What is corporate social responsibility, and who...Ch. 1 - Indicate whether each statement describes...Ch. 1 - Identify the following as True or False:...Ch. 1 - Define each of these users of accounting...Ch. 1 - Discuss what information would be most useful for...Ch. 1 - Taylor Speedy has prepared the following list of...Ch. 1 - Match the term with the description:Ch. 1 - After the passage of the Sarbanes-Oxley Act in...Ch. 1 - Indicate whether each of the following statements...Ch. 1 - Match each lean business method to the best...Ch. 1 - For each of the activities listed, choose the...Ch. 1 - Look up the definitions for the following terms:...Ch. 1 - Indicate whether the statement describes reporting...Ch. 1 - Identify the following as true or false: Financial...Ch. 1 - Companies need to report both monetary and...Ch. 1 - Marvin has been thinking about the fields of...Ch. 1 - Match the term with the description.Ch. 1 - The Foreign Corrupt Practices Act (FC PA) was...Ch. 1 - Indicate whether each of the following statements...Ch. 1 - Table 1.3 shows how different areas within the...Ch. 1 - There are individuals who are under the impression...Ch. 1 - Think about the organization chart in Figure 1.7....Ch. 1 - Controversy tends to surround the topic of...
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Similar questions
- The following are part of the responsibilities of a treasurer except a Capital raising b Investment management c Financial statements preparation d Development and management of company’s credit policyarrow_forwardDetail the roles of non executive director , chief finance officer (CFO), Audit Committee and external auditor in governance.arrow_forwardWho bears the responsibility of the preparation of company’s financial statements? A The external auditors B The Financial Accountants C The Board of Directors D The Financial Controllerarrow_forward
- relate the subjects: Financial Accounting and Reporting, Advanced Financial Accounting and Reporting, Management Accounting Services, Auditing, Taxation, and Regulatory Framework for Business Transactions to the job of a controllerarrow_forwardThe board of directors has which of the following responsibilities? I. Recommendation of dividend payments II. Collection of bad debts III. Preparation of the company budget IV. Preparation of the company tax return I. I and II I, II and III I, II, III and IVarrow_forwardWhich of the below tasks would typically be carried out by the Controller? Preparation of financial statements Determining financial strategy Maintaining banking relationships Overseeing cash managementarrow_forward
- Cash manager Credit manager Board of Directors Shareholders Explain the following terms pleasearrow_forwardRole of controller, role of chief financial officer. George Jimenez is the controller at Balkin Electronics, a manufacturer of devices for the computer industry. The company may promote him to chief financial officer. In this table, indicate which executive is primarily responsible for each activity. Activity Controller CFO Managing the company’s long-term investments Presenting the financial statements to the board of directors Strategic review of different lines of businesses Budgeting funds for a plant upgrade Managing accounts receivable Negotiating fees with auditors Assessing profitability of various products Evaluating the costs and benefits of a new product design Based on this table and your understanding of the two roles, what types of training or experience will George find most useful for the CFO position?arrow_forwardAn organization’s financial leaders, namely its CFO, have ultimate financial reporting responsibility to its audit committee and board of directors. Explain the benefits of the CFO reporting to the audit committee and board of directors. Whose oversight is most critical to the organization? Why? How do you think the CFO can use these reporting opportunities to benefit the organization from their financial leadership? Why?arrow_forward
- Draft a report from the finance director to the board: Describing the responsibilities of the treasury department State the advantages to the company of having such a separate treasury departmentarrow_forwardThe oversight of the company is ultimately responsibility of: a. Government b. Management c. Shareholders d. Board of Directorarrow_forwardFinance managers in a corporation are responsible for THREE (3) main functions, namely the investment decisions, financing decisions as well as the cash management. These functions involve planning and forecasting of cash flows, control and coordination in order to ensure that resources are efficiently employed as well as dealings in the financial markets to raise capital. The decisions are made with the shareholder in mind which subscribes to the goal of the firm being shareholders’ wealth maximisation. Shareholders will agree that they are better off if management makes decisions that maximizes the value of their shares. However, delegation of authority for decision making from shareholders to managers creates the potential for agency problems which is ultimately detrimental to shareholders wealth. Justify favouring shareholders’ wealth maximisation over profit maximisation as the goal of a firm whilst accounting for the role of the firm in society. 2. Analyse the potential…arrow_forward
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