Cengagenowv2, 1 Term Printed Access Card For Heintz/parry's College Accounting, Chapters 1-15, 22nd
22nd Edition
ISBN: 9781305669888
Author: James A. Heintz, Robert W. Parry
Publisher: Cengage Learning
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Textbook Question
Chapter 1, Problem 1SEB
PURPOSE OF ACCOUNTING Describe the kind of information needed by the users listed.
Owners (present and future)
Managers
Creditors (present and future)
Government agencies
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- Define each of these users of accounting information as an internal user of external user Management Employees Investors Creditors Customers Tax authoritiesarrow_forwardDiscuss what information would be most useful for these users of accounting information: Management Employees Investors Creditors Customers Tax authoritiesarrow_forwardWhich of the following is the principle that a business must report any business activities that could affect what is reported on the financial statements? A. revenue recognition principle B. expense recognition (matching) principle C. cost principle D. full disclosure principlearrow_forward
- Which area of accounting needs a computerized accounting information system the most—payroll, tax, or preparing financial statements?arrow_forwardExternal users of accounting information would include ________________. employees managers investors supervisorsarrow_forwardPURPOSE OF ACCOUNTING Match the following users with the information needed. 1. Ownersa. Whether the firm can pay its bills on time 2. Managersb. Detailed, up-to-date information to measure business performance (and plan for future operations) 3. Creditorsc. To determine taxes to be paid and whether other regulations are met 4. Government agenciesd. The firms current financial conditionarrow_forward
- What is the accounting equation? List two examples of business transactions, and explain how the accounting equation would be impacted by these transactions.arrow_forwardHow do revenues and expenses affect the accounting equation?arrow_forwardACCOUNTING PROCESS Match the following steps of the accounting process with their definitions. Analyzinga. Telling the results Recordingb. Looking at events that have taken place and thinking about how they affect the business Classifying Summarizingc. Deciding the importance of the various reports Reportingd. Aggregating many similar events to provide information that is easy to understand Interpretinge. Sorting and grouping like items together f. Entering financial information into the accounting systemarrow_forward
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