FINCON chap 2

Numerous titles can be applied to the position of the chief accounting officer; however, the most common title used is .

Answer explanation

controller

The duties are sometimes assumed by

Answer explanation

a chief accountant

office manager

comptroller

treasurer

assistant treasurer

or secretary

Activities that may be assigned to a controller:

Answer explanation

Management areas of planning

Controlling

Reporting, and

Maintaining key accounting processes,

Expanding into ancillary functions that may

become part of controller's job, depending on the circumstances

is an unfortunate one, for it seems to emphasize the control function only

Answer explanation

controller

title is a more complete description of the position;

Answer explanation

chief accounting officer (CAO)

There is a responsibility to see that a plan exists and that it is supported by all levels of management.

Answer explanation

Planning function

Detailed controller's key tasks related to the plan:

Answer explanation

Verify that the sales plan or forecast supports known corporate policies and objectives

Verify that the sales plan appears to have realistic assumptions

Verify that the production plan is within facility capabilities.

Verify that expense levels are in proportion to other activities.

• Verify that there is sufficient funding for the projected activity.

Detailed controller's key tasks related to the plan:

such as geographic areas to enter and types of products to sell.

Answer explanation

Verify that the sales plan or forecast supports known corporate policies and objectives

Detailed controller's key tasks related to the plan:

such as an expected sales amount per salesperson that is valid based on past history.

Answer explanation

Verify that the sales plan appears to have realistic assumptions

Detailed controller's key tasks related to the plan:

This involves comparing the amount projected to be sold to the amount to be produced, while factoring in the amount of finished goods inventory already on hand.

Answer explanation

Verify that the production plan supports the sales schedule.