1. Name some users of accounting information. A group of users can be Business owners, managers, directors, suppliers, investors, among others.

Which of the following refers to financial accounting? Question 9 options: a) Regulations or standards govern the information provided to users. b) The focus is on using information from the formal accounting system to guide the organization's activities. c) Reports provided to users are timely and focus on the future. d) The users of the information provided include managers and executives within the organization. e) Users utilize both financial as well as nonfinancial information to make decisions.

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

Multiple choice: 1. Which of the following is one of the fundamental qualitative characteristics? A. Comparability B. Timeliness C. Verifiability D. Relevance 2. This branch of accounting focuses on catering to the information needs of external users A. Management accounting B. Auditing C. Financial accounting D. External accounting

Management 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 False

2) The purpose of financial accounting is: a. Future oriented b. Communicating company position to external users c. Helping managers to make decisions d. Providing accounting information to internal users

46 .Accounting provides assistance to decision makers by providing them financial reports that will guide them in coming up with sound decisions. What nature of accounting is this?    A. finance B. recognition C. recording D. service

2. State whether the following questions is True (T) or False (F): a) Management accounting provides economic and financial information for external users such as shareholders, creditors and banks. b) Financial accounting provides information for managers and other internal users. c) Financial accounting reports past results. d) Management accounting is future oriented.

B. Respond to the following statements and questions in thediscussion forum. Try to do this without looking back at the text.True (T) or False (F): T F1. Management accounting provides economicand financial information for external userssuch as shareholders, creditors and banks. 2. Financial accounting provides information formanagers and other internal users. 3. Financial accounting reports past results.  4. Management accounting is future oriented.  5. Management accounting is required to followgenerally accepted accounting principles. 6. Financial accounting examines monetary andnon-monetary events. 7. Cost accounting is used as a means of fixinga selling price. 8. Cost accounting looks at the company as awhole and not at the various units, jobs orprocesses. 9. Financial accounting is concerned with howand why profits arise. 10. Cost accounting depends entirely on historicalinformation 