Accounting is the language of business used by all types of organizations to communicate financial information to its users for better decision making. The users of accounting information are divided into internal and external users, internal users are those who are associated with the organization directly such as managing employees, etc. Whereas external users are stakeholders who are affected by the organization such as creditors, governments, etc. The user of accounting information from the given questions asked.

Question

Want to see the full answer?

Answer 1

Question

Chapter 1, Problem 2E

Part A

To determine

Introduction: Accounting is the language of business used by all types of organizations to communicate financial information to its users for better decision making. The users of accounting information are divided into internal and external users, internal users are those who are associated with the organization directly such as managing employees, etc. Whereas external users are stakeholders who are affected by the organization such as creditors, governments, etc.

The user of accounting information from the given questions asked.

Part B

To determine

Introduction: Accounting is the language of business used by all types of organizations to communicate financial information to its users for better decision making. The users of accounting information are divided into internal and external users, internal users are those who are associated with the organization directly such as managing employees, etc. Whereas external users are stakeholders who are affected by the organization such as creditors, governments, etc.

The user of accounting information from the given information.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Students have asked these similar questions

Final Exam Review for ACC100 1) know the difference between a service business and a manufacturing business. 2) What does journalizing mean? 3) Know what Accounts Payable is 4) What is a T account 5) How many accounts are affected by each transaction 6) What is posting 7) Do adjusting entries have to be posted? 8) What is in the Income Statement column on the 10-column worksheet 9) How do you close an expense account 10) What is a sole proprietorship, a partnership, and a corporation 11)What is net income 12) What entry is made when a sale on account is made 13) What is a trial balance 14) What does it mean when a transaction is in balance 15) What are source documents 16)What is the journal used for? 17) How many accounts will a journal entry have an effect on? 18) Adjusting entries never affect which account 19) What is the basic equation 20) What does summarizing mean? 21) What does net loss mean? 22) Understand WIRE 23) Which financial statement will you find liabilities? 24) If…

Select all of the true statements. 1) Full disclosure principle requires that companies must disclose all circumstances and events that may affect decisions made by investors and other users. 2) In order for information to be relevenat, it must be reported on a monthly basis. 3) The going concern assumption is that the business will continue in operation long enough to carry out its existing objectives and commitments. 4) The conomic entity assumption states that assets should be recorded at their cost. 5) Materiality relates to whether an item is large enough to likely influence the decision of an investor or creditor.

Hh1. Account Choose the stakeholder that is MOST likely to ask the following question. Will the business be able to pay for its purchases on time? Select one: a. Canada Revenue Agency management of a retailer b. c. business owner d. lender (e.g. banker) e. supplier (e.g. a wholesaler) f ou mor