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Understanding Financial Statements

Instructions: 

Read the _Forge Group [PDF] attached below case study for this unit. Managers may not be accountants, but they must be able to understand financial statements.  This unit’s case study will give you the opportunity to analyze information presented on the financial statements of an engineering and construction company.

Answer the following question in one page.

1. Explain the importance of operational managers being able to understand how financial statements are prepared. How can operational managers at the Forge Group use the financial information presented in the case study to manage their respective divisions effectively?

2. Discuss the importance of providing timely financial information to management. Is it more important to be 100% accurate and late, providing financial information or provide estimates and be timely? Discuss the pros and cons of each.

3. Identify some potential areas where management may have been biased in their reporting. Support your thoughts with specific information from the case study

Please be sure to validate your opinions and ideas with in-text citations and references in APA format.

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