Discussion question 1 week 9

DISCUSSION QUESTION WEEK 9 Table of Contents Table of Contents 2 Answer: 1a. 3 Answer 1b 3 Answer 2 3 References 5 Answer: 1a. Treasurers of a not-for-profit organization have the primary responsibility of looking after its financial reporting and management. Hence being the treasurer of a local not-for-profit organization it would be my duty to ensure better and sustainable financial performance of the company. Financial statements of the organization are very important to keep the managers of informed about the overall financial health of the organization (Boone, & Kurtz, 2011, p. 510). Therefore, I would like to see three types of financial statements, namely income statement, balance sheet and cash flow statement to be prepared in accordance with the Generally Accepted Accounting Principles (GAAP) by the accountants of the company.
Answer 1b
The donors of a not-for-profit organization are its main source of funding. Hence it is important for the organization to satisfy the needs of its donors to ensure generation of more funds for the organization which would help it to run the operations effectively and efficiently. Hence, it is necessary that better quality financial statements are prepared by the organization which provides all the necessary information required to reassure the donors. It is easier and less costly for any not-for-profit organization to keep its existing donors than acquiring new one (Agard, 2010, p. 641).
Answer 2
According to the case BDO International is one of the top five accounting firms in the world and is engaged in the business of providing various financial and accounting services to its clients (BDO International, n. d.). The advantages of BDO from belonging to a large international group are that it can have a huge customer base and has greater proximity to the clients. This helps BDO to generate huge amount of revenues and provide quality service to its clients according to their specific needs and requirements.
If I were a customer, I would expect that BDO gives me the best quality of services and in a timely manner.
Agard, K. A. (2010). Leadership in Nonprofit Organizations: A Reference Handbook, Volume 1. California: SAGE Publications.
BDO International. (no date). About Us. Retrieved from http://www. bdointernational. com/AboutUs/Pages/default. aspx.
Boone, L. E., & Kurtz, D. L. (2011). Contemporary Business. New Jersey: John Wiley & Sons.