Q1. Based on the ‘Real life’ titled ‘The accountant in the modern business environment’ in the...

60.1K

Verified Solution

Question

Accounting

Q1. Based on the ‘Real life’ titled ‘The accountant in themodern business environment’ in the section ‘Management accountingprocesses and techniques’, describe some of the qualities that asuccessful chief financial officer (CFO) should possess.
Q2.The ‘Real life’ scenario titled ‘Increasing competitivepressures faced by Asian airlines’ in the section ‘Australianorganisations in the twenty-first century’ highlights the turbulentcompetitive environment faced by many airlines. Explain how suchevents might impact the type of information provided by managementaccountants in those organisations.

Answer & Explanation Solved by verified expert

3.8 Ratings (745 Votes)

ANS Q1 Overall world accounting is the most important function of every kind of business behind the every successful business there is well handled accounting and behind well handled accounting there is CFO So CFO should be following qualities 1 Financial Foresight The ability to anticipate financial management issues and address them is an essential character trait in creating wealth for the company 2 Excellent Communication Skills Written and oral communication skills are an essential quality for a CFO as they must be able to effectively communicate the financial health of the company to all stakeholders 3 Confidence The ability to make decisions on behalf of the company with confidence and assertiveness are good character traits for a successful CFO 4 Vision and Foresight A CFO should have foresight and be in tune with his market enabling him to create and implement business plans for the company and aligning them with the bigger picture of the companys future 5 Accounting Financial Competence With the SarbanesOxley Act of 2002 that requires CFOs to sign off on financial statements and internal control systems confirming their accuracy it is essential for the CFOs to know the Generally Accepted Accounting Principles GAAP and SEC regulations that are relevant to their business 6 Deep Understanding of Business A deep understanding of business is a must because a good CFO is more than just a numbers guy He should immerse himself in the operations of the company have a See Answer

Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:

Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!

Become a Member