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Accounting 561 Essay

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Below is an essay on "Accounting 561" from Anti Essays, your source for research papers, essays, and term paper examples.

Guillermo Furniture Store
Henrietta J. Yazzie
November 29, 2010
Christa Gallop

Guillermo Furniture Store
This paper will discuss the importance of reports and budget that can help Guillermo with his decision making.   Decision making is a very important process with accountants.   I will also discuss how ethics will contribute to his decision – making.
In addition, I will state what is the most relevant information for Guillermo to consider when making decisions.
How would Guillermo use budgets and performance reports in his decision-making process?
Financial planning plays an important role in the operations of an organization.   A manager has an important decision which involves establishing long and short-term budget goals.   According to Guillermo’s budget adjustments are made to keep up with competitors.   According to his master budget the amount of expenses needed to run his organization will increase this would include machinery, utilities, labor rate because of technical skills, and inflation have   increased and in addition sales growth has slowed to 1%.   A master budget will be of use to Guillermo to help run his business.   This budget is more in depth; it will help to determine how he will allocate his expenses and it also summarizes his companies financial activity.   With the accounting system that include inputs processing and outputs will help Guillermo evaluate financial conditions.   It is critical for him to consider this system especially when he will need to make well informed decision.   He will also use this to show proof to report taxes and also to share with his employees and other stakeholders.   The balance sheet, income statement as well as cash flow statement would be useful to Guillermo to provide information to stakeholders and also provide stability.
How might ethics influence his accounting decision?
      In terms of misleading like many other companies for example.   Enron have done.   The best thing for Guillermo to do...

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