The controller of a small private college is complaining about the amount of wor

Question

The controller of a small private college is complaining about the amount of work she is required to do at the beginning of each month. The president of the university requires the controller to submit a monthly report by the fifth day of the following month. The monthly report contains pages of financial data from operations. The controller was heard saying, "Why does the president need all this information? He probably doesn't read half of the report. He's an old English professor and probably doesn't know the difference between a cost and revenue.a. What is the probable role of the monthly report?b. What is the controller's responsibility with respect to a president who doesn't know much accounting?

Explanation / Answer

Anser:-

a]
The monthly report in this situation is likely being used as an evaluation tool to monitor the college's financial performance, but i also believe from the information regarding its complexity that the president is just continuing a practice his precedecessor may have mandated. the report may also be attached as an appendix to a board meeting or executive council set of minutes auditing puposes


b]
The comptroller needs to interview the president regarding the information required, its use, and ways to present the required information more succinctly in a format the president can understand and use. the new format report will be more relevant to need simpler, eliminate clutter, extraneous detail , and present the information in such a way that it can be understood by a non accountant.

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