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What is financial report?
stockholders creditors suppliers and employees
Why suppliers need financial statements?
to see if they trust the company
Impact of finance on financial statements?
Finance are the reason for financial statements. Without financial information, financial statements can't be created. Investors use this information to make decisions about investing in a business.
What classification of accounting is most concerned with the use of economic and financial information to plan and control many of the activities of the entity?
financial accounting
When was SIX Financial Information created?
SIX Financial Information was created in 1930.
Differences between financial and non-financial information?
Financial information is concerned with making money and managing money for the organization. Non-financial information is information about customers, suppliers, etc.
What are accounting programs designed for?
Accounting programs are designed to keep and organise financial information. This information includes employee payrolls, sales and purchases ledgers, bank transactions records and records of suppliers. It is easy to print the information as financial reports.
How will managers use financial information to predict outcomes for business?
How will managers use financial information to predict outcomes for business?
What is financial report?
stockholders creditors suppliers and employees
Is company management an external user of financial information?
no it is an internal user of information.External users are financial analysts outside the company, lenders and creditors such as banks and suppliers, and groups such as environmentalism groups and govermental bodies.
On what bodies do entrepreneurs rely as sources of information?
financial institutions, the Chamber of Commerce, educational institutions, insurance agents, and suppliers of products used in the business
What is external financial reporting?
stockholders creditors suppliers and employees
Why suppliers need financial statements?
to see if they trust the company
Where can one find more information about plastic suppliers?
One can find more information about plastic suppliers online and on newspaper advertisements. Radio, etc. also give information about plastic suppliers.
Impact of finance on financial statements?
Finance are the reason for financial statements. Without financial information, financial statements can't be created. Investors use this information to make decisions about investing in a business.
What is a financial information system used for?
The financial information system analyses financial data that is used for optimal financial planning and forecasting decisions and outcomes. It helps a company determine its financial objectives due to the use of minimal resources.
Who are the direct and indirect users of accounting?
The users with direct interest (direct users) use financial information as a tool to protect their own interest in the enterprise. They include the owners, managers, creditors, suppliers, customers, employees and taxing authority. The users with indirect interest (indirect users) obtain and use accounting information to provide advice to or protect the interest of a direct user. Users of this type include regulatory agencies, which protect the interest of investors and the public, the labor unions , which protect the interest of the employees, and the financial and legal consultants who provide advice to their clients who may be customers, lenders or suppliers of the firm.
