Answered: Identify the following questions as…

Identify the following questions as most likely to be asked by an internal (I) or an external (E) userof accounting information. Which firm reports the highest sales and income?

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter1: Accounting As A Tool For Managers

Section: Chapter Questions

Problem 3EA: Define each of these users of accounting information as an internal user of external user Management...

See similar textbooks

Related questions

Q: CHOOSE A, B,C OR D Management accounting serves following purposes: A. provision of information…

A: Accounting for management is the practice of producing corporate operations reports to help managers…

Q: For each of the following users of financial ače accounting information, specify whether the user…

A: Important thing to Note the parties which are outside to the organization will not have access to…

Q: Focus on individual part or segment of business” explain this statement according to management…

A: Segmentation in a business can be done in a various ways like geographically, product wise, areas of…

Q: Which of the following is true of financial accounting information? Select one: a.It focuses on the…

A: Financing accounting information determines the financial status and health of a business. This is…

Q: The major focus of accounting information is to facilitate decision making.a. As an investor in a…

A: a. Accounting information is used by the investor to identify whether there is any possibility of…

Q: Identify the following questions as most likely to be asked by an internal (I) or an external (E)…

A: Auditing: In auditing, auditors verify the correctness and fair presentation of financial…

Q: ow is accounting information used in busi

A: Accounting is the combination of various steps like recording, analyzing, summarizing, and…

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: iness by providin information used in the financial accounting and management accouunting fiel…

A: Since we answer only one question, we will answer the first question. Please resubmit the question.…

Q: An organization’s investors and creditors will primarily use information provided by:a. the…

A: Financial accounting: Financial accounting is the process of recording, summarizing, and reporting…

Q: How can the tools in assessing accounting quality assist financial analyst

A: The value of financial accounting is primarily defined only by its quality. The core premise of…

Q: Management accounting provides economic and financial information for external users such as…

A: Management accounting: It is the process of preparing the reports of a business operation helping…

Q: Providing information about the performance and financial position of companies so that users can…

A: Financial reportingIt is the standard practice to provide the stakeholders an accurate depiction of…

Q: Identifying users of accounting information For each of the users of accounting information,…

A: Internal decision maker: The users who are part of the company and are interested in the details of…

Q: Discuss the two main branches of accounting and explain the differences between financial accounting…

Q: What are the factors that accountants should consider when setting up company accounting policy…

A: The assets are the items in the balance sheet of the company that will generate the future economic…

Q: Which of the following highlights a purpose of having a conceptual framework for financial reporting…

A: Conceptual framework for financial reporting is a single, complete and comprehensive document…

Q: Explain the accounting function within a firm. What does this function do, and why is it important?…

A: Accounting function: It is possible to classify accounting functions into two groups of functions,…

Q: Who are the most important consumers of accounting information and why do they need it? What kind of…

A: Here is the Answer

Q: What is the most important item that included in the notes to the financial statements? O a.…

A: Accounting principles means those set of standards which is followed while preparing the books of…

Q: The framework for the model of business reporting includes all of the following, except: a.…

A: The framework for the model of business reporting includes all of the following a. financial and…

Q: An explanation of the accounting role of a business. What is the purpose of the function, and why is…

A: Accounting is the discipline of recording and reporting on a company's financial transactions and…

Q: Identify TWO external consumers of accounting information and explain how that accounting…

A: Introduction: The term "financial statement" refers to any statement, such as an income statement, a…

Q: To understand and use accounting information in makingeconomic decisions, you must understand: a.…

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

A: External users of accounting information are those persons which are external to the organisation…

Q: What effect do a company's business operations and areas of business have on the architecture of its…

A: The following will illustrate how a company's business procedures and areas of business impact the…

Q: Discuss accounting as the language of business and the role of accounting information in…

A: Accounting is the process of recording, summarizing, analysing and communicating useful accounting…

Q: What is the double entry system in accounting?

A: Solution Note : Dear student as per the Q&A guideline we are required to answer the first…

Q: Explain how accounting principles are used to analyze a business’s financial health, What accounting…

A: Introduction: Financial analysis based on accounting standards entails both analysis and…

Q: You are approached to comment on a company’s accounting disclosure quality. As an accounting…

A: Accounting disclosures are the information that the company discloses with the financial information…

Q: provides individuals within an organization with the financial information needed to make good…

A: Accounting has various branches that are used for different purposes and parties. The cost…

Q: Which is the last step of accounting as a process of information? Select one: a. Recording the…

A: "Since you have asked multiple questions, we will solve first question for you. If you want any…

Q: Discuss how the qualitative characteristics of financial information apply to Company as it pertains…

A: Meaning of Accounting: It is the systematic process of identifying, measuring, recording,…

Q: Identifying users of accounting information For each of the users of accounting information,…

Q: Which of the following branches of accounting is often limited to preparing and distributing…

A: Accounting is the process whereby the costs and revenues of the business are estimated and recorded.…

Q: Which type of accounting information is intended to satisfy the needs of external users of…

A: Financial accounting, management accounting and cost accounting are different forms of accounting.…

Q: Indicate whether the following statements about the conceptual framework are true or false. If…

Q: Which of the following is not considered an analyticalaspect of the accounting profession?a.…

A: The analytical aspect of the accounting profession helps the management to make an efficient and…

Q: Which of the following statement is true about purpose of accounting? Select one: a. The purpose…

A: Introduction: Accounting: Accounting is an art of recording , classifying , summarizing and…

Question

Identify the following questions as most likely to be asked by an internal (I) or an external (E) user
of accounting information. Which firm reports the highest sales and income?

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps with 1 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

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

Which of the following use financial statement data to make decisions? a. customers c. suppliers b. investors d. all of these
Discuss what information would be most useful for these users of accounting information: Management Employees Investors Creditors Customers Tax authorities
Which of the following is the principle that a business must report any business activities that could affect what is reported on the financial statements? A. revenue recognition principle B. expense recognition (matching) principle C. cost principle D. full disclosure principle
List the three basic questions that must be answered when analyzing the effects of a business transaction on the accounting equation.
Companies need to report both monetary and nonmonetary data and information. A. Define these two terms and provide examples of each. B. Discuss what sources are available that provide companies with both types of data and information.
External users of accounting information would include ________________. employees managers investors supervisors
Which area of accounting needs a computerized accounting information system the mostâ€”payroll, tax, or preparing financial statements?
The metrics based on financial numbers produced by the accounting system are ________. A. quantitative factors B. qualitative factors C. stakeholders D. stockholders
Which of the following statements is true? Under cash-basis accounting, revenues are recorded when a company satisfies its performance obligations and expenses are recorded when incurred. Accrual-basis accounting records both cash and noncash transactions when they occur. Generally accepted accounting principles require companies to use cash-basis accounting. The key elements of accrual-basis accounting are the revenue recognition principle, the expense recognition principle, and the historical cost principle.
Which of the following is considered a constraint on useful information by Statement of Financial Accounting Concepts No. 8? a. benefits costs b. conservatism c. timeliness d. verifiability
Typical accounting tasks include all of the following tasks except ________. A. auditing B. recording and tracking costs C. tax compliance and planning D. consulting E. purchasing direct materials
Identify the following questions as most likely to be asked by an internal (I) or an external (E) userof accounting information. What are the costs of our service to customers?