Exercise 1-2 Identifying accounting users and uses C2
Part A. Identify the following questions as most likely to be asked by an internal (1) or an external (E) user of accounting information.
______1. Which inventory items are out of stock?
______2. Should we make a five-year loan to that business?
______3. What are the costs of our product's ingredients?
______4. Should we buy: hold or sell a company's stock?
______5. Should we spend additional money for redesign of our product?
______6. Which firm reports the highest sales and income?
______7. What are the costs of our service to customers?
Part B. Identify the following users as either an internal (I) or an external (E) user.
______1. Research and development executive
______2. Human resources executive
______3. Politician
______4. Shareholder
______5. Distribution manager
______6. Creditor
______7. Production supervisor
______8. Purchasing manager
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Chapter 1 Solutions
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