All the following statements about users of accounting information are correct EXCEPT Present creditors are considered as external users Taxing authorities are considered as external users Regulatory authorities are considered as internal users

Q: Why is an entity permitted to change an accounting policy? a. The change would allow the entity to…

A: Accounting policy is the rule or method which is adapted by any entity according to the accounting…

Q: which statement about users of accounting information is incorrect?   Question 4 options:…

A: The persons who work within a company and use financial data are known as the Internal users.…

Q: Which of the following statements are true? An accounting Conceptual Framework: (i) Sets out who the…

A: A conceptual framework can be defined as a system of ideas and objectives that lead to the creation…

Q: Which of the following is not a component of an accounting system?   the input source documents…

A: The Components of an accounting system is : The Input source documents The output reports.

Q: Which principle or concept states that businesses should use the same accounting methods and…

A: Answer: c) Consistency In accounting the concept of consistency states that company should maintain…

Q: Which one of the following statements is not correct regarding financial accounting and management…

A: Financial accounting is the process of recording all the financial transactions into the books in…

Q: Statement 1: The primary responsibility for the preparation and presentation of the financial…

A: Statement 1 True, The preparation and presentation of entities financial statements are the…

Q: One reason that an cntity is allowed to change its accounting policy is when It is required by an…

A: Accounting Policies-  Accounting principles are the ethics that are to be followed by an accountant…

Q: Accounting is categorized as a supporting process in managing operations of any organization O a.…

A: There are three processes in managing the operation of any organization Upper Management process…

Q: Discuss agency theory, including its basic assumptions, agency relationships, why the political…

A:

Q: Which of the following users is not considered an internal user of accounting O a. An employee O b.…

A: Internal user of accounting means the stakeholder within the organization who uses the accounting…

Q: n the role of the accounting system according to the agency theory

A: Agency theory is one of the common problem in the organization form of the system and that exist due…

Q: Which one of the following characteristics of accounting information is related to Objectivity? a.…

A: Accounting information means that relevant accounting and financial information that is useful for…

Q: The accounting principle that considered the business to have a separate and distinct personality…

A: Accounting is a systematic process of identifying, measuring, recording, classifying, summarising,…

Q: Which one of the following statements is not correct regarding financial accounting and management…

A: Financial accounting is a branch of accounting which means preparation and circulation of financial…

Q: One major difference between financial and management accounting is that A. financial accounting…

A: Financial accounting includes preparation and presentation of financial statements primarily to…

Q: Which is not a purpose of the conceptual framework? a. To provide definitions of key terms and…

A: We’ll answer the first question since the exact one wasn’t specified. Please submit a new question…

Q: Identify the following users of accounting information as either an (a) external or (b) internal…

A: External users of accounting information are users outside the organisation that use information for…

Q: The measurement principle requires that Oa. accounting principles meet the objectives of the…

A: Accounting principle are the basis on which the whole accounting all over the world is based on.…

Q: Which of these persons generally does not participate in writing the management letter?a. Client’s…

A: Answer: Option a.

Q: The area of the accounting profession that deals with providing information to meet the needs of the…

A: Introduction:- Basic definitions as follows under:- i) Financial accounting provides information to…

Q: Professional judgment plays a major role in the practice of accounting.a. In general terms, explain…

A: Accounting process: Accounting process is a system of collecting and organizing economic…

Q: Which one of the following statements is not correct regarding financial ?accounting and management…

A: Financial accounting is a branch of accounting in which all accounting and financial information is…

Q: TRUE or FALSE Accounting records and statements are based on the most reliable data available so…

A: The objectivity principle states that accounting records should be free from personal opinions.  All…

Q: The users of accounting information such as investors, financiers, suppliers and government are…

A: Accounting information such as financial statements, Notes to accounts, etc will  be used by the…

Q: In the process of applying the entity's accounting policies, management makes various judgments,'…

A: Solution Note : As per the Q&A guideline we are required to answer the first question only .…

Q: Which principle or concept states that businesses should use the same accounting methods and…

A:

Q: Shareholders are external user of accounting information . The answer is true or false

A: The objective of the financial statement or accounting information is to provide information about…

Q: Identify the following users of accounting information as either an (a) external or (b) internal…

A: Internal users: Internal users of the financial statement are the inside individuals or the members…

Q: Which one of the following statements is not correct regarding financial accounting and management…

A: The correct option is  C.)

Q: Identify the following users of accounting information as either an (a) external or (b) internal…

A: Internal Users: The internal users are the users of the information who are within the…

Q: Why is an entity permitted by financial reporting standards to change an accounting policy? O The…

A: Solution Concept The change in accounting policy is allowed under two situation                 -the…

Q: Which of the following is not one of the basic concepts of accounting? A) RESPONSIBILITY B)…

A: Accounting:- It can be defined by recording the transactions in a systematic order and should be…

Q: Why is an entity permitted to change an accounting policy?

A: Accounting policies are the particular principles as well as procedures which are executed through…

Q: Describe the accounting concepts and principals and explain what are the two most important concepts…

A: According to the "going concern" principle, you should proceed on the assumption that your company…

Q: Financial accounting data prepared in accordance with GAAP. But management accounting don’t follow…

A: The answer for the theory question on Financial Accounting vs Management Accounting is presented…

Q: Which of the following is a valid assumption from an accounting perspective? O A company that has…

A: Accounting Principles: The principles or procedures that are required to prepare and report the…

Q: 7. Which of the following best describes generally accepted accounting principles?" A. The…

A: Solution: The statement that best describes generally accepted accounting principles is "The…

Q: Which of the following are not included in the external users of accounting nformation? O a. Tax…

A: There are two types of users of accounting information. Internal users  External users.

Q: The accounting concept that requires financial information to be supported by independent, unbiased…

A: Accounting is a process of identifying, recording, classifying, summarising, analysing and…

Q: One of the following attributes in respect of accounting transactions is not correct: O a.…

A: Accounting transactions indicate the system of recording events having a monetary value that have…

Q: Which of the following is not correct about Going Concern? O a. The concept of going concern is an…

A: Going concern is an business assumption that business will continue to exist for the foreseeable…

Q: Which of the following statements are True? a) The financial statements are management's…

A: Financial statements are the reports that are prepared to indicate the financial position of any…