Question Set 7:

If necessary, implement the feedback from submission 2 and complete the budgeted 3-month income statement and balance sheet.

Question Set 8:

Using your budgeted income statement (static budget), make a flexible budget showing the projected net income at a lower sales level and projected net income at a higher level of sales.

Question Set 9:

1) Go to the the Management Discussion and Analysis section in the annual report of your company (If one exists). List a long-term finanical goal.

2) List 3 non-financial goals that your company may use in a balanced scorecard.

3) With the current economy conditions in mind, name one weakness of your company and one strength of your company.

4) How will these strenghts and weaknesses be visable in the financial statements?

Question Set 10:

1) Find as recent a news article as you can that involves your company and any accounting topic covered in this course or from Financial Accounting. This can be an ethical issue, or change in a leadership position (CFO or auditing firm). How does this affect the financial statements of the company going forward?

2) What advice can you give the managerial accountant of your company going forward?