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College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
ISBN: 9781337794756

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BuyFindarrow_forward

College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
ISBN: 9781337794756
Textbook Problem

PURPOSE OF ACCOUNTING Describe the kind of information needed by the users listed.

Owners (present and future)

Managers

Creditors (present and future)

Government agencies

To determine

Describe the kind of information needed by the users listed.

Explanation

Accounting:

Accounting is a system, or a process of collecting and organizing economic transactions, analyzing, and summarizing the transactions into reports, and communicating the relevant information to the users.

  • Owners: the present and future owners of the company use accounting information as to know the profitability and current financial position of the company.
  • Managers: the managers may or may not own a business but they use accounting information as to have detailed measure about the business performance...

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