A senior financial accountant of XYZ Ltd made the following comment in the annual year-end review meeting to the other senior managers: "I do not know why everyone of you are more concerned about the cashflow statement. Managing cashflow is the accounting department's responsibility and it involves managing cash balance on a day-to-day basis. Why don't you pay attention to the reported profit in the statement of profit and loss and other comprehensive statement and just forget about the cashflow and leave the cashflow management with accounting department". 

Required: Do you agree with the senior financial accountant? Discuss your answer.

Answer rating: 100% (QA)

As an AI language model I dont have personal opinions but I can provide you with an analysis While the senior financial accountants statement may refl... View the full answer