Q1) Controller of small private college is complaining about amount of work she is required to do at beginning of each month. President of university needs the controller to submit monthly report by fifth day of following month. Monthly report contains pages of financial data from operations. Controller was heard saying, "Why does president require all this information? He probably does not read half of report. He's an old English professor and probably does not know difference between a cost and revenue.
a) Compute the probable role of the monthly report?
b) Determine the controller's responsibility with respect to president who does not know much accounting?