Usefulness and Limitations of Financial Statements…..solved




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For this assignment, you will interview an accountant to learn more about the field and how financial statements and information are utilized to make important managerial decisions.
Refer to “Informed Consent Letter.” You should present the Informed Consent Letter to the person you intend to interview.
Potential Interviewees: CPAs in public practice, commercial loan officers at financial institutions, comptrollers or chief accountants at local firms, financial planners, investment advisors, or small-business owners.
Once you have identified a candidate, contact the person to set up an appointment. You may conduct your interview in person or via phone.
Prepare a list of at least 5-7 questions for your interview. Your questions should focus on the usefulness and limitations of using financial statements such as the balance sheet, income statement, and statement of cash flows, to analyze a firm. Remember that professionals have many commitments so try to schedule your interview well in advance of the assignment’s due date.
After you complete the interview, write a reflection (750-1,000-words) on what you learned in the interview. Address the following in your response:
1. What are the most valuable things you learned about utilizing financial statements to analyze a firm?
2. What, if any, are the significant limitations of using financial statements for analysis?
3. What other information is important for making managerial accounting decisions?
4. What did you learn about the field of managerial accounting that might help you to excel in your profession?
Provide an interview summary at the end of your reflection that includes the following information:
1. The name of the person you interviewed and the number of years he/she has been in the accounting field.
2. The name of the company at which he/she is currently employed.
3. How long the person has been employed at the current company.
4. Date of the interview and whether it took place in person or via phone.
5. Contact information for the person your interviewed.
6. The list of your interview questions.
APA format is not required, but solid academic writing is expected.
You are not required to submit this assignment to Turnitin.