Homework Answers
Three primary users of accounting information Internal users, External users, and Government/ IRS.
Internal Users
Owners
Managers
Employees
External Users
Owners and prospective owners.
Creditors and lenders.
Employees and their unions.
Customers
General public
Ques- 1 Who are the external and internal users of accounting
Information ?
Ques- 2 Who are the users of accounting information and why do they need it?
Ques-3 What are the difference between internal and external
Users?
Ques -4 Who are the users of finncial Information ?
Ques- 5 How do external and internal users use financial statements?
Ques -6 Define external and internal Users with suitable examples ?
PART(B)
INVESTORS
are either an internal or an external user.
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Identify the following questions as most likely to be asked by an internal or an external...
Instructions Identify each of the questions as being more likely asked by an internal user (I)...
Instructions Identify each of the questions as being more likely asked by an internal user (I) or an external user (E). E1-3 Sam Cresco, president of Cresco Company, has instructed Sharon Gross, the head Discuss ethics an of the accounting department for Cresco Company, to report the company's land in the historical cost pri company's accounting reports at its fair value of $170,000 instead of its cost of $100,000. (LO 3) Cresco says, "Showing the land at $170,000 will make...
Users of accounting information can be divided broadly into two types: internal users and external users....
Users of accounting information can be divided broadly into two
types: internal users and external users. Complete the table below
for each type of user, indicating how they use information and
whether they are an internal or external user.
User
Use of
Information
Internal/External
User
1.
Shareholder
2.
Chief Financial Officer
3.
Employee
4.
Bank
5.
Canada Revenue Agency (CRA)
For each of the users of accounting information, identify whether the user is an external decision...
For each of the users of accounting information, identify whether the user is an external decision maker (E) or an internal decision maker (1) (Click on the icon to view the users of accounting information) a. customer b. company manager c.Internal Revenue Service d. lender e. investor f. controller g. cost accountant h. SEC
Which of the following statements about users of accounting information is incorre Present creditors are external...
Which of the following statements about users of accounting information is incorre Present creditors are external users. Regulatory authorities are internal users. Taxing authorities are external users. O Management is an internal user.
Which of the following would likely be considered an internal user of accounting information rather than...
Which of the following would likely be considered an internal user of accounting information rather than an external user? A.Stockholders. B.Consumer groups. C.Lenders. D.Middle-level managers. E.Government agencies.
Identify the following users as elther external users (E) or Internal users (). a. b c...
Identify the following users as elther external users (E) or Internal users (). a. b c d Lenders Research and development managers Executive employees External auditors 22 ITI e. I I f. h. Business press Customers Service managers Labor unions Purchasing managers Boards of directors Production managers Voters 1. 1. K 1.
1. Discuss internal and external users of accounting information. What areas of accounting provide them with...
1. Discuss internal and external users of accounting information. What areas of accounting provide them with information? Give an example of the type of report each type of user might use. 2. Explain the meaning of the business entity concept. 3. What is the major difference between the objective of financial accounting and the objective of managerial accounting?
What branches of accounting focuses on information for external users and internal users?
What branches of accounting focuses on information for external users and internal users?
Problems 1. USERS OF INFORMATION Classify the following users of information as cither: I-internal user T...
Problems 1. USERS OF INFORMATION Classify the following users of information as cither: I-internal user T extemal user: trading partner s-external user: stakeholder a. Internal Revenue Service b. Inventory control manager c. Board of directors d. Customers e lending institutions f. Securities and Exchange Commission g. Stockholders h. Chief executive officer i Suppliers j. Bondholders 4. INFORMATION SYSTEM CATEGORIZATION Classify the following as tasks performed by either: TPS transaction processing system
10. Which type of financial statement user would most likely ask the following question after reviewing...
10. Which type of financial statement user would most likely ask the following question after reviewing the financial statements: Can we afford a new marketing campaign? A) Internal User B) External User C) Both Internal and External User 11. The classified Balance Sheet will reflect the following ASSET Categories EXCEPT: A) Property, plant and equipment B) Intangible assets C) Current assets D) Notes payable E) Long-Term investments
Instructions Identify each of the questions as being more likely asked by an internal user (I) or an external user (E). E1-3 Sam Cresco, president of Cresco Company, has instructed Sharon Gross, the head Discuss ethics an of the accounting department for Cresco Company, to report the company's land in the historical cost pri company's accounting reports at its fair value of $170,000 instead of its cost of $100,000. (LO 3) Cresco says, "Showing the land at $170,000 will make...
Users of accounting information can be divided broadly into two
types: internal users and external users. Complete the table below
for each type of user, indicating how they use information and
whether they are an internal or external user.
User
Use of
Information
Internal/External
User
1.
Shareholder
2.
Chief Financial Officer
3.
Employee
4.
Bank
5.
Canada Revenue Agency (CRA)
For each of the users of accounting information, identify whether the user is an external decision maker (E) or an internal decision maker (1) (Click on the icon to view the users of accounting information) a. customer b. company manager c.Internal Revenue Service d. lender e. investor f. controller g. cost accountant h. SEC
Which of the following statements about users of accounting information is incorre Present creditors are external users. Regulatory authorities are internal users. Taxing authorities are external users. O Management is an internal user.
Identify the following users as elther external users (E) or Internal users (). a. b c d Lenders Research and development managers Executive employees External auditors 22 ITI e. I I f. h. Business press Customers Service managers Labor unions Purchasing managers Boards of directors Production managers Voters 1. 1. K 1.
Problems 1. USERS OF INFORMATION Classify the following users of information as cither: I-internal user T extemal user: trading partner s-external user: stakeholder a. Internal Revenue Service b. Inventory control manager c. Board of directors d. Customers e lending institutions f. Securities and Exchange Commission g. Stockholders h. Chief executive officer i Suppliers j. Bondholders 4. INFORMATION SYSTEM CATEGORIZATION Classify the following as tasks performed by either: TPS transaction processing system
10. Which type of financial statement user would most likely ask the following question after reviewing the financial statements: Can we afford a new marketing campaign? A) Internal User B) External User C) Both Internal and External User 11. The classified Balance Sheet will reflect the following ASSET Categories EXCEPT: A) Property, plant and equipment B) Intangible assets C) Current assets D) Notes payable E) Long-Term investments
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