Is flowcharting realistic for most firms? If you were the controller of a smaller firm -...

Is flowcharting realistic for most firms? If you were the controller of a smaller firm - perhaps 500 employees and just one location - would you feel the need to have flowcharts for the accounting system? Please justify your response with at least 8 sentences.

Expert Solution

A flowchart is a pictorial representation of the processes of the company. It breaks down complicated processes into easier, smaller steps for better understanding. The creation of flowcharts is not a complex process and they can be easily created. Flowcharts are extremely useful irrespective of the size and scale of the organization.Thus, they are realistic for most firms.

If I was the controller of a smaller firm, I would still use flowcharts for the following reasons:

-Flowcharts serve as a ready reference and are a boon for new joiners.

-They are easy to prepare and do not require much time in preparation.

-The processes are outlined clearly in a flowchart and any sort of ambiguity is eliminated.

-They promote better understanding and clarity as the processes are broken down into simpler steps.

-For example, a flowchart can be extremely useful for say outlining the process of cash collection or vendor payment. Similarly, delegation of authority in an organization can be simplified through a flowchart.

ekkarill92 answered 1 year ago

If you were being interviewed and you were a Controller of an organization how would you...

If you were being interviewed and you were a Controller of an organization how would you answer the following questions? What is your main role or task when analyzing working capital. Does your organization lease any of their property or equipment? If so, please give examples of what is being leasing. What is the advantages and disadvantages of leasing?

The overall corporate objective of most firms is to maximize the value of the firm for...

The overall corporate objective of most firms is to maximize the value of the firm for the owners. Apparently in their bid to achieve the above objective, management of firms makes decisions as to choice of best alternatives available, use and/or allocate resources among available alternatives as well as engage in exchanges and/or operations and other activities. Required: a) Concisely outline the key decision areas of concern that financial managers of corporate organizations mostly focus on. b) How are the...

What is the most critical weakness that you were able to discover for your firm (Microsoft...

What is the most critical weakness that you were able to discover for your firm (Microsoft Corporation)? Why do you consider this a critical weakness? In what way does this weakness put your firm at a competitive disadvantage with respect to their rivals? Is it possible for your firm to overcome it in some way? How might they do so?

large firms and smaller entrepreneurial firms play differentroles in business and society and can often...

large firms and smaller entrepreneurial firms play different roles in business and society and can often -produce the best results by partnering with each other rather than acting as adversaries. The pharmaceu- tical industry is an excellent example of how this works. Tt is well-known that barriers to entry in the pharma- ceutical industry are high. The average new product takes between 10 and 15 years from dişcovery to commercial sale. The process of discovering, testing, obtaining approval, manufacturing, and...

As assistant controller for a small firm, you are responsible for recording and posting of the...

As assistant controller for a small firm, you are responsible for recording and posting of the daily cash receipts and disbursements to the ledger account. After you have posted the entries, your boss, the controller, prepares a trial balance and the financial statements. You make the following entries on June 30. Cash 1,430 Account Receivable 1,950 Service Revenue 3,380 To record daily cash sales and sales on account Advertising Exp 12,500 Utilities Exp 22,600 Rent Exp 24,000 Salary &...

Delay in Posting of a Journal Entry As assistant controller for a small firm, you are...

Delay in Posting of a Journal Entry As assistant controller for a small firm, you are responsible for recording and posting of the daily cash receipts and disbursements to the ledger account. After you have posted the entries, your boss, the controller, prepares a trial balance and the financial statements. You make the following entries on June 30. Cash 1,430 Account Receivable 1,950 Service Revenue 3,380 To record daily cash sales and sales on account Advertising Exp 12,500 Utilities...

Is effective integrated reporting a realistic goal in most companies? Why or why not?

1) If you were auditing Accounts Payable at a service firm, which assertion/s would be most...

1) If you were auditing Accounts Payable at a service firm, which assertion/s would be most at risk of misstatement, and why? 2) Explain how different groups of users of the financial statements may use the audit report for different objectives or purposes?

PLEASE ANSWER IN A 500 WORD RESPONSE! If you were the controller CFO, or VP of...

PLEASE ANSWER IN A 500 WORD RESPONSE! If you were the controller CFO, or VP of finance at a larger organization, what actions would you take as a result of the changing lease standards?

Economies of scale: Exist when larger firms can produce at lower cost than smaller firms. Exist...

Economies of scale: Exist when larger firms can produce at lower cost than smaller firms. Exist when Average costs go down as production increases Are more likely to exist in industries with larger fixed costs All of the above True or false. Monopolies are always a bad way to deliver goods and services. An industry that has a few large firms that own a majority of the market share is called A monopoly An oligopoly A monopolistic competition Perfectly competitive...

Question