BuyFind

Financial & Managerial Accounting

13th Edition
Carl Warren + 2 others
Publisher: Cengage Learning
ISBN: 9781285866307
BuyFind

Financial & Managerial Accounting

13th Edition
Carl Warren + 2 others
Publisher: Cengage Learning
ISBN: 9781285866307

Solutions

Chapter
Section
Chapter 1, Problem 1DQ
Textbook Problem

Name some users of accounting information.

Expert Solution
To determine

Users of accounting information: People who rely on accounting information to make best decisions or choices from the information are known as users of accounting information.

To name: Some users of accounting information.

Explanation of Solution

Users of accounting information are as classified as below:

  • Internal users of accounting information: Internal users of accounting information depend on the information, to check to what extent the business has achieved its goals, any other measures to be taken to achieve the goals, and progress further. The internal users are company’s managers and employees. These are the users working for the company.
  • External users of accounting information: External users of accounting information depend on the information to check the progress and profitability of the business, assess the ability of the company to repay the liabilities, measure income of the company, and evaluate the return of the company for the investment. The external users are customers, creditors, taxing authorities, and investors. These are the users who do not work for the company.
Conclusion
Hence, some of the users of accounting information are employees, managers, customers, investors, creditors, and government (tax authorities).

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Chapter 1 Solutions

Financial & Managerial Accounting
Ch. 1 - Cost concept On February 22, Kountry Repair...Ch. 1 - Cost concept On March 31, Higgins Repair Service...Ch. 1 - Accounting equation Dream-It LLC is a motivational...Ch. 1 - Accounting equation Be-The-One in a motivational...Ch. 1 - Transactions Arrowhead Delivery Service is owned...Ch. 1 - Transactions Interstate Delivery Service is owned...Ch. 1 - Income statement The revenues and expenses of...Ch. 1 - Income statement The revenues and expenses of...Ch. 1 - Retained Earnings Statement Using the income...Ch. 1 - Retained earnings statement Using the income...Ch. 1 - Balance sheet Using the following data for Ousel...Ch. 1 - Balance sheet Using the following data for...Ch. 1 - Statement of cash flows A summary of cash flows...Ch. 1 - Statement of cash flows A summary of cash flows...Ch. 1 - Ratio of liabilities to stockholders' equity The...Ch. 1 - Ratio of liabilities to stockholders' equity The...Ch. 1 - Types of businesses The following is a list of...Ch. 1 - Professional ethics A fertilizer manufacturing...Ch. 1 - Business entity assumption Ozark Sports sells...Ch. 1 - Accounting equation The total assets and total...Ch. 1 - Accounting equation The total assets and total...Ch. 1 - Accounting equation Determine the missing amount...Ch. 1 - Accounting equation Go44 is a motivational...Ch. 1 - Asset, liability, and stockholders equity items...Ch. 1 - Effect of transactions on accounting equation What...Ch. 1 - Effect of transactions on accounting equation A. A...Ch. 1 - Effect of transactions on stockholders equity...Ch. 1 - Transactions The following selected transactions...Ch. 1 - Nature of transactions Teri West operates her own...Ch. 1 - Net income and dividends The income statement for...Ch. 1 - Net income and stockholders' equity for four...Ch. 1 - Balance sheet items From the following list of...Ch. 1 - Income statement items From the following list of...Ch. 1 - Retained earnings statement Financial information...Ch. 1 - Income statement Dairy Services was organized on...Ch. 1 - Missing amounts from balance sheet and income...Ch. 1 - Balance sheets, net income Financial information...Ch. 1 - Financial statements Each of the following items...Ch. 1 - Statement of cash flows Indicate whether each of...Ch. 1 - Statement of cash flows A summary of cash flows...Ch. 1 - Financial statements We-Sell Realty, organized...Ch. 1 - Ratio of liabilities to stockholders' equity The...Ch. 1 - Ratio of liabilities to stockholders' equity...Ch. 1 - Transactions On April 1 of the current year,...Ch. 1 - Financial statements The amounts of the assets and...Ch. 1 - Financial statements Seth Feye established...Ch. 1 - Transactions; financial statements On July 1,...Ch. 1 - Transactions; financial statements DLite Dry...Ch. 1 - Missing amounts from financial statements The...Ch. 1 - Transactions Amy Austin established an insurance...Ch. 1 - Financial statements The amounts of the assets and...Ch. 1 - Financial statements Jose Loder established Bronco...Ch. 1 - Transactions; financial statements On April 1,...Ch. 1 - Transactions; financial statements Bevs Dry...Ch. 1 - Missing amounts from financial statements The...Ch. 1 - Peyton Smith enjoys listening to all types of...Ch. 1 - Ethics and professional conduct in business Group...Ch. 1 - Net income On January 1, 2015, Dr. Marcie Cousins...Ch. 1 - Transactions and financial statements Lisa Duncan,...Ch. 1 - Financial analysis The now defunct Enron...

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