Question 1 Financial Statement Interpretation is a skill highly sought after in the accounting world. That’s because professionals with this skill provide companies an accurate picture of where they have been and where they will be. Select a specific industry and share what you feel are the one or two specific skills necessary in that industry to interpret their financial statements. Explain with examples. Question 2 Cost Volume Profit Analysis looks at the behavior of total revenues collected, total costs, and the operating income based on differences in units sold, their sales price, variable cost per item, and the overhead fixed costs. Management undertakes a series of steps during each cost volume profit analysis review, which include: 1. Understand the issue 2. Gather information 3. Develop predictive alternatives 4. Select an alternative to address the issue 5. Implement the alternative and evaluate its performance Using the above framework for evaluating an effort under cost volume profit analysis, describe a specific example and how you would use these steps to determine the ultimate decision to be taken. Question 3 Search the Internet for a retirement planning calculator. Use the website you selected to determine how much money you need to put away to help you achieve your retirement goal. Assume that you are 50 years old and plan to retire in 16 years. You have one dependant and $100,000 in savings.Your current annual income is $85,000. Your goal is to be able to generate an annual retirement income of $60,000, including Social Security benefit payments. Assume a Social Security benefit of $1500 per month. First, post the address of the website you used. Then critique the site – its ease of use, its clarity, the value of any conclusions reached. To what extent would this site help investors understand their financial needs and the financial markets?
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