Horngren's Accounting: The Managerial Chapters, Student Value Edition (12th Edition)
12th Edition
ISBN: 9780134491509
Author: MILLER-NOBLES, Tracie L., Mattison, Brenda L., Matsumura, Ella Mae
Publisher: PEARSON
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Textbook Question
Chapter 1, Problem 2QC
Which of the following is not an external user of a business’s financial information?
Learning Objective 1
- Taxing authorities
- Customers
- Employees
- Investors
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This is a Learning Objective 4 in Intermediate Accounting, by Spiceland, Nelson, and Thomas. 10th Ed. McGraw Hill.
Identifying users of accounting information
For each user of accounting information, identify if the user would use financial accounting (FA) or managerial accounting (MA).
a. investor
b. banker
c. Internal Revenue Service
d. manager of the business
e. controller
f. stockholder
g. human resources director
h. creditor
Chapter 1 Solutions
Horngren's Accounting: The Managerial Chapters, Student Value Edition (12th Edition)
Ch. 1 - Prob. 1QCCh. 1 - Which of the following is not an external user of...Ch. 1 - Prob. 3QCCh. 1 - Prob. 4QCCh. 1 - Prob. 5QCCh. 1 - Which of the following requires accounting...Ch. 1 - At the end of a recent year, Global Cleaning...Ch. 1 - Consider the overall effects on Global Cleaning...Ch. 1 - Assume that Global Cleaning Service performed...Ch. 1 - The balance sheet reports the Learning Objective 5...
Ch. 1 - Assume Global Cleaning Service had net income of...Ch. 1 - What is accounting?Ch. 1 - Prob. 2RQCh. 1 - Prob. 3RQCh. 1 - Prob. 4RQCh. 1 - Prob. 5RQCh. 1 - Prob. 6RQCh. 1 - Prob. 7RQCh. 1 - A business purchases an acre of land for $5,000....Ch. 1 - What does the going concern assumption mean for a...Ch. 1 - Which concept states that accounting information...Ch. 1 - Financial statements in the United States are...Ch. 1 - Prob. 12RQCh. 1 - What is the accounting equation? Briefly explain...Ch. 1 - What are two ways that equity increases? What are...Ch. 1 - How is net income calculated? Define revenues and...Ch. 1 - What are the steps used when analyzing a business...Ch. 1 - List the four financial statements. Briefly...Ch. 1 - What is the calculation for ROA? Explain what ROA...Ch. 1 - Prob. S1.1SECh. 1 - Determining organizations that govern accounting...Ch. 1 - Identifying types of business organizations...Ch. 1 - Prob. S1.4SECh. 1 - Applying accounting assumptions and principles...Ch. 1 - Prob. S1.6SECh. 1 - Using the accounting equation Learning Objective 3...Ch. 1 - Identifying accounts Learning Objective 3 Consider...Ch. 1 - Prob. S1.9SECh. 1 - Using the accounting equation to analyze...Ch. 1 - Identifying accounts on the financial statements...Ch. 1 - Preparing the income statement Learning Objective...Ch. 1 - Preparing the statement of owner’s equity Learning...Ch. 1 - Prob. S1.14SECh. 1 - Preparing the statement of cash flows Learning...Ch. 1 - Calculating ROA Learning Objective 6 Matured Water...Ch. 1 - Prob. E1.17ECh. 1 - Prob. E1.18ECh. 1 - 1. Accounting equation a. An economic resource...Ch. 1 - Using the accounting equation Learning Objective 3...Ch. 1 - E1-21 Using the accounting equation Learning...Ch. 1 - Using the accounting equation Learning Objective 3...Ch. 1 - Using the accounting equation Learning Objective 3...Ch. 1 - E1-24 Using the accounting equation Learning...Ch. 1 - Using the accounting equation to analyze...Ch. 1 - Using the accounting equation to analyze business...Ch. 1 - Using the accounting equation to analyze business...Ch. 1 - Using the accounting equation to analyze business...Ch. 1 - Using the accounting equation to analyze business...Ch. 1 - Preparing the financial statements Learning...Ch. 1 - Preparing the income statement Learning Objective...Ch. 1 - Prob. E1.32ECh. 1 - Prob. E1.33ECh. 1 - Prob. E1.34ECh. 1 - Preparing the statement of owner’s equity Learning...Ch. 1 - Prob. E1.36ECh. 1 - Prob. E1.37ECh. 1 - Jan. 1 The owner contributed an additional $5,000...Ch. 1 - Calculating Return on Assets Learning Objective 6...Ch. 1 - Using the accounting equation for transaction...Ch. 1 - Prob. P1.41APGACh. 1 - P1-42A Preparing financial statements Learning...Ch. 1 - Preparing financial statements Learning Objective...Ch. 1 - Prob. P1.44APGACh. 1 - Using the accounting equation for transaction...Ch. 1 - Using the accounting equation for transaction...Ch. 1 - Using the accounting equation for transaction...Ch. 1 - Using the accounting equation for transaction...Ch. 1 - Preparing financial statements Presented here are...Ch. 1 - Prob. P1.50BPGBCh. 1 - Prob. P1.51BPGBCh. 1 - Using the accounting equation for transaction...Ch. 1 - Using the accounting equation for transaction...Ch. 1 - Prob. P1.54CTCh. 1 - P1-55 is the first problem in a continuing problem...Ch. 1 - Prob. 1.1TIATCCh. 1 - Decision Case 1-1 Let’s examine a case using...Ch. 1 - The tobacco companies have paid billions because...Ch. 1 - Prob. 1.1FCCh. 1 - Prob. 1.1FSC
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Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- Divide into groups as instructed by your professor and discuss the following:a. How does the description of accounting as the “language of business” relate to accounting asbeing useful for investors and creditors?b. Explain how the decisions you would make might differ if you were an external investor or amember of an enterprise’s management team.arrow_forwardWhy is accounting quality important in financial analyst. Provide an example showing one of the concepts provided in lesson 3arrow_forwardManagement accounting provides economic and financial information for external users such as shareholders, creditors and banks. Select one: True False Question 2 Not yet answered Question text Financial accounting provides information for managers and other internal users. Select one: True Falsearrow_forward
- Identifying users of accounting information For each user of accounting information, identify if the user would use financial accounting (FA) or managerial accounting (MA). investor banker Internal Revenue Service manager of the business controller stockholder human resources director creditorarrow_forwardStudying AIS helps students understand business processes from an accounting perspective. Which of the following activities would commonly be associated with the financing process? Selling goods and services on credit Issuing equity securities Making payments to vendors Hiring employees to work in the finance departmentarrow_forwardPrivate accounting, as a sub-discipline of accounting, includes: Select one: a. Management Accounting b. Managerial advisory services c. Tax consultancy d. External auditing Accounting aims to communicate financial information to investors only. Select one: a. False b. True Accounting is the language of business. Select one: a. True b. Falsearrow_forward
- Which of the following statements about accounting information is TRUE? Select answer from the options below Accounting communicates financial information about a business to both internal and external users. Accounting information is useful to external users such as the directors of a company. Accounting information is useful to internal users such as labour unions. Accounting communicates detailed financial information to the competition.arrow_forwardThe purpose of financial accounting is: a. Future oriented b. Providing accounting information to internal users c. Helping managers to make decisions d. Communicating company position to external usersarrow_forwardChapter 3 of the text focuses on The Accounting Framework, which includes a discussion of the qualitative characteristics of financial information. While much of this discussion is beyond what a student taking an introductory course really needs to be concerned with, there are a few considerations that all business students should have a basic understanding; Discuss a scenerio where Cost vs. Benefit, Materiality or Prudence would be considered. Your example should focus on one of the three characteristics.arrow_forward
- Management accounting provides economic and financial information for external users such as shareholders, creditors and banks. Select one: True Falsearrow_forwardWhich of the following is NOT correct about the importance of accounting? Select one: a. It ensures that transactions are recorded for future reference. b. It can assist the users to identify the financial position of an organization, whether the company is making a profit or a loss and the necessary follow-up actions that should be taken c. It can help to improve the salary of the employees d. It can provide a picture of the financial position of a businessarrow_forwardWhat type of financial information does each of the following user groups usually seek? a) Individuals b) Managers of Organizations c) Students d) Investors e) Zakat Authoritiesarrow_forward
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