The accounting process generates financial reports forboth internal and external users. Describe some of the specific groups of internal and external users

Q: An accounting approach to rel ect the needs of each stakeholder is called this.

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

Q: For which classification of users are financial statements prepared?  What characteristic of these…

A: Solution Generally Accepted accounting Principle (GAAP) to a common set of accounting principles ,…

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: Identify the accounting concepts/policies adopted in the preparation of balance sheet of the…

A: Introduction Accounting concepts and policies are specific principles, conventions, rules and…

Q: Describe significant accounting policies.

A: Definition: Accounting policies: Accounting policies are the specific principles and rules which…

Q: How to analyse the accounting measurement and financial measurement? Give examples

A: Accounting Measurements: Accouunting measurement is the computatiion of economic or financial…

Q: What are the functions of the financial balance sheet in assisting in management's decision-making…

A: The question is based on the usage of balance sheet in financial decision making  by managers.

Q: The area of accounting concerned with providing internal users with information is called O a.…

A: There are mainly two types of users of accounting information - the external and . The external…

Q: ‘The accounting concepts and accounting standards are generally referred to as the essence of…

A: INTRODUCTION  Financial Accounting refers to collecting , summarizing and presentation of the…

Q: Identify the qualitative characteristics of accounting information and the basic elements of…

A: Relevance: information makes difference in decision making Reliability: information is verifiable,…

Q: Describe the goals of accounting standards.

A: Accounting standards are authoritative standards for financial reporting and are the primary source…

Q: examples of decisions that can be supported by accounting information

A: Accounting information represents the financial information about the company which is useful for…

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: Explain the purpose of financial and management accounting with some exemples within your chosen…

A: Financial accounting refers to the  assembling of financial information to create financial…

Q: How does accounting provide important data to a. Internal users b. External users

A: The process by which financial transactions of the business are recorded and communicated with the…

Q: which internal users need the accounting information

A: Accounting information data is the data that emerges from business exchanges. When distinguished,…

Q: Identify and discuss several professional organizations that play important roles in preparing…

A: The organizations listed below formulate and execute policies for the interest of investors in the…

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: Accounting includes activities such as identifying, measuring, and communicating financial…

A: Being the language of business, accounting acts as the bridge between the business and the users of…

Q: Financial accounting is the area of accounting aimed at serving __________ by providing them with…

A: Financial accounting helps in preparing financial statements like Statement of Income, balance sheet…

Q: Describe the function and primary focus of financial accounting.

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Q: Classify the following activities as part of the identifying (I), recording (R), or communicating…

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

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: These are the end product of the financial reporting process and the means by which information…

A: Accounting Cycle typically involves the following steps, Identify Transactions Record Journal…

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

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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: Who are the focused users/stakeholders of financial accounting and cost accounting?

A: Financial and Cost accounting are the major accounting area in an organization. It will helpful to…

Q: Who regulates financial accounting and who regulates managerial accounting

A: Financial accounting: Financial accounting is different from managerial accounting. Financial…

Q: Identify the qualitative characteristics of accounting information.

A: Definition: Users of financial information: People who rely on accounting information to make the…

Q: Explain what the accrual foundation of accounting is and who is required to use it in your…

A: This question explains about the accrual foundation of accounting .

Q: Which of the following activities is associated with the management accounting information system?…

A: The Question has covered the concept of Cost of Quality. The Cost of Quality is a method of measures…

Q: What are the three basic business activities that financial accounting seeks to measure and…

A:

Q: Is internal accounting information primarily historical orfuture-oriented? How does that compare…

A:

Q: Classify the following activities as part of the identifying (I), recording (R), or communicating…

A: Identifying function: helps the organization to select from its business activities, the…

Q: Describe the internal role of accounting for organizations.

A: Accounting refers to the method of communicating financial information to users such as investors,…

Q: mention the users of financial information and their respective needs.ment accounting and cost…

A: The users of financial information and their respective needs are discussed hereunder :

Q: who are users of financial statements that applies to each different type of business analysis?

A: Business analysis is the process of evaluating the risks and prospects of the organization for…

Q: Accounting is the information system that Measures business activities. Communicates the results to…

A: " All of the above is the correct option" as accounting is the information system that examines the…

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

A:

Q: The users of accounting information can be classified into internal and external users. Clearly…

A: Accounting information is the information related to the concepts of accounting which are to be used…

Q: Discuss the  meaning and needs of accounting standards.

A: Accounting standards:Accounting standards are common set of principles, procedures and standards for…

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: Which of the following adequately describes Management Accounting? It is the process of identifying,…

A: Solution Concept Financial accounting               The accounting that is done for the purpose of…