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Gm Case

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a) They are the leading producer of packaged consumer foods and operate exclusively in the consumer foods industry. According to the financial statements, GM makes most of the money from sales. They have 3 segments US Retail, Bakeries and Food Services and International. b) The following are the financial statements that are commonly prepared for external reporting purposes. 1) Balance sheet 2) Income Statement 3) Statement of cash flow 4) Statement of Stockholder’s equity
GM address these financial statements as 1) Consolidated Balance Sheet 2) Consolidated Income Statement 3) Consolidated statement of Cash Flows
Consolidated means the combined financial statements of a parent company and its subsidiaries that enable to gauge the overall health of an entire group of companies. c) Publicly traded firms must file financial accounting information with SEC, along with other data quarterly. These quarterly reports are called 10Q reports. Similarly we have annual reports which are called 10K reports.

d) The Management is responsible for the financial statements. They are responsible for the fairness and accuracy of these statements. The statement includes a report of Management Responsibilities signed by the CEO and the CFO. Potential users of these statements could be shareholders, creditors, suppliers, and employees, investors, banks, competitors and the Government. Investors will use financials to decide if the company is a good investment option. Banks uses these statements for lending purposes to measure liquidity of the company.

e) KPMG LLP is the external auditing firm that audits the General Mills Financial statements. It has issued 2 opinions. First opinion is that management of the General Mills maintained effective internal control over financial reporting is fairly stated in all the material respects, based on...

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