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Activity: Think of at least four users of accounting information. Identify their connection to each other and how they benefited one another through the use of accounting information. NOTE: PLEASE REFER TO THE GIVEN LESSON and answer asap please

Activity: Think of at least four users of accounting information. Identify their connection to each other and how they benefited one another through the use of accounting information. NOTE: PLEASE REFER TO THE GIVEN LESSON and answer asap please

College Accounting, Chapters 1-27
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter1: Introduction To Accounting
Section: Chapter Questions
Problem 1SEA: PURPOSE OF ACCOUNTING Match the following users with the information needed. 1. Ownersa. Whether the...
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Activity: Think of at least four users of accounting information. Identify their connection to each other and how they benefited one another through the use of accounting information. NOTE: PLEASE REFER TO THE GIVEN LESSON and answer asap please
GOVERNMENT AND THEIR AGENCIES- to investigate whether the business operation complies to the promulgated government' s rules and regulation. 8. FINANCIAL ANALYST AND ADVISORS to determine the market position of the business in the industry as well as to give the best advise on how to improve the profitability level of the company. 7. 9. TRADE ASSOCIATIONS - necessary to report industry statistics and business comparisons relevant in economic decisions. 10. PUBLIC to determine if the company has significant contributions to the economy thru employment and tax payments. Economic activities Actions (decisions) McGraw-Hil/Irwin The accounting process Accounting "links" decision makers with economic activities and with the results of their decisions. Decision makers ||| Accounting information The McGraw-Hill Companies, Inc., 2008 CERTIFIED PUBLIC ACCOUNTANT Depending on the size of the organization the law requires that the business firm should have their financial statements audited or examined by an independent CPA" An audit is a comprehensive investigation by an independent CPA of a company's record of financial statements. The objective of an audit is to arrive at a conclusion as to whether the financial statements were prepared in
Transcribed Image Text:GOVERNMENT AND THEIR AGENCIES- to investigate whether the business operation complies to the promulgated government' s rules and regulation. 8. FINANCIAL ANALYST AND ADVISORS to determine the market position of the business in the industry as well as to give the best advise on how to improve the profitability level of the company. 7. 9. TRADE ASSOCIATIONS - necessary to report industry statistics and business comparisons relevant in economic decisions. 10. PUBLIC to determine if the company has significant contributions to the economy thru employment and tax payments. Economic activities Actions (decisions) McGraw-Hil/Irwin The accounting process Accounting "links" decision makers with economic activities and with the results of their decisions. Decision makers ||| Accounting information The McGraw-Hill Companies, Inc., 2008 CERTIFIED PUBLIC ACCOUNTANT Depending on the size of the organization the law requires that the business firm should have their financial statements audited or examined by an independent CPA" An audit is a comprehensive investigation by an independent CPA of a company's record of financial statements. The objective of an audit is to arrive at a conclusion as to whether the financial statements were prepared in
USERS OF ACCOUNTING INFORMATION 1. MANAGEMENT - information necessary for planning and controlling to who will have a significant impact to the operation of the business. 2. OWNER' S FIRM OR PROSPECTIVE OWNERS - information necessary to know the progress of the business and to determine how their money was being used. 3. INVESTORS- to know how profitable the business would be and to estimate the rate of return of the invested money 4. EMPLOYEES- to determine the stability of the business that will give assurance of security of employment through good remuneration and benefits. 5. LENDERS/FINANCIAL INSTITUTIONS - to determine whether the company can pay the principal and interest when due. 6. SUPPLIERS/OTHER TRADE CREDITORS - to know if the company has the capacity to pay the amounts on the goods and services delivered. 7. GOVERNMENT AND THEIR AGENCIES to investigate whether the business operation complies to the promulgated government' s rules and regulation. 8. FINANCIAL ANALYST AND ADVISORS to determine the market position of the business in the industry as well as to give the best advise on how to improve the profitability level of the company.
Transcribed Image Text:USERS OF ACCOUNTING INFORMATION 1. MANAGEMENT - information necessary for planning and controlling to who will have a significant impact to the operation of the business. 2. OWNER' S FIRM OR PROSPECTIVE OWNERS - information necessary to know the progress of the business and to determine how their money was being used. 3. INVESTORS- to know how profitable the business would be and to estimate the rate of return of the invested money 4. EMPLOYEES- to determine the stability of the business that will give assurance of security of employment through good remuneration and benefits. 5. LENDERS/FINANCIAL INSTITUTIONS - to determine whether the company can pay the principal and interest when due. 6. SUPPLIERS/OTHER TRADE CREDITORS - to know if the company has the capacity to pay the amounts on the goods and services delivered. 7. GOVERNMENT AND THEIR AGENCIES to investigate whether the business operation complies to the promulgated government' s rules and regulation. 8. FINANCIAL ANALYST AND ADVISORS to determine the market position of the business in the industry as well as to give the best advise on how to improve the profitability level of the company.
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