1.

Name the 11 steps of Financial Reporting

1) Maintaining/recording the transaction
2) Preparing special journal for transactions
3) Preparing the subsidiary ledger
4) Making the general ledger
5) Formulating the unevaluated balance
6) Correcting the errors and ordering the transactions
7) Journalize and post adjusting entries
8) Prepare adjusted trial balance
9) Formulating the financial statements
10) Journalize and recording the entries closed
11) Maintaining the balance sheet for closing.

2. How does management by exception help to alleviate information overload by a

manager?
 Since critical information is provided, managers are relieved of information
overload. They also don't have to deal with a lot of different problems at once
because they just address issues that are out of the ordinary.