CASE STUDY

LADY LIZETH LINARES SANTIESTEBAN

2020

FUNDACION UNIVERSITARIA AGRARIA DE COLOMBIA

GESTION DE COSTOS Y PRESUPUESTOS

BOGOTA D.C
 1. Describe the role of an accountant. (2 marks)

The role of an accountant is to use financial and non-financial data for the

investigation of business performance, so that decisions can be made that help make a

fundamental forecast for the future and they do so through accounting statements.

2. Explain why ethical standards are so important for Accountants. (4 marks)

They are important since these are what make them be considered as good

accountants, these standards lead to better development as people, integrity, objectivity,

professional compliance, confidentiality and other make an excellent accountant recognized

3. Analyze how an Income Statement enables a Judgment of a firm’s

profitability?

How a Balance Sheet further could assist that judgment? (6 marks)

The income statement allows evidence of certain transactions that are made in a

company such as sales, costs plus all the pages related to interest taxes and dividends,

helping to have a record where financial agents can be guided as the companies have been

especially those that are large and handle many entries and exits during each year. And by

taking that to a general balance it helps to know if our accounts are balanced looking for the

value of the resources and how they were financed. The balance is the result of the

company being balanced and how much we can have in cash so that the financial agents

can make decisions about what they have and what not.

4. Evaluate the extent to which an accountant can help Managers and

directors to formulate a business strategy. (8 marks)

These must lead to the point where you can give strategies on the subject of risks, in

order to formulate they must have knowledge of any type of business, business models,

mission, vision strategies, because this because not all companies handle the same
variables at the time to assess risks, they must get into the role of using these financial

statements to be able to advise the board of directors and shareholders of the effects that a

strategy would have on the sustainability of organizations that even those strategies can

take them long-term and explain that impact can cause in these states in the organization.

All this is so that you can maintain confidence in those who intervene in the organization so

that it can be reflected that there is a good corporate governance of these