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1. What is normally the role of operating managers with respect to the calculation and payment of business taxes?
Taxes are managed and controlled by Finance – operating managers have no role with respect to business taxes.
Operating managers must determine what taxes should be paid and include them into the payments of the business.
Taxes are based upon the results of operating manager’s decisions.
2. What are the business conditions that typically result in the need for currency transactions by businesses?
Currency transactions are needed whenever a country devalues their currency.
When business is done in multiple countries with multiple currencies, currency transactions will be required.
Currency transactions must be done at the end of each quarter to reconcile financial reports.
3. In what way do the account standards of FASB/GAAP or IAS/IFRS assist operating mangers in their day-to-day decisions?
The standards determine when decisions should be made by operating managers.
The standards provide the business parameters that are used by operating managers when making day-to-day decisions.
The standards provide no assistance to operating managers with day-to-day decisions.
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