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List 3 external users of accounting information and explain the purpose for each?
Wiki User
∙ 9y ago
Following are three external users:
- bank for purpose of investment or credit
- creditors for provision of credit to company
- govt for safety and protection of investors
Wiki User
∙ 9y ago
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What is the purpose of producing accounting information?
The primary purpose of accounting information is to provide useful information to help people make decisions.Stakeholders of a company are interested in the financial performance of that company, and therefore require accounting information in order to assess the company's well-being.In order for accounting information to be useful, it must be:UnderstandableRelevant/TimelyReliable/VerifiableComparable
What are the purposes of accounting information?
The purpose of accounting information is to provide financial data that will serve as a basis for future decisions. This information is commonly used by business owners and shareholders.
What is the primary purpose of financial accounting?
Accounting is a system of maintaining records of a companies operations and communicating that information to decision makers.
Define the purpose of accounting and identify the four basic financial statements?
The purpose of accounting is provide information to the users like investors ,financial institutions and to other clients. The four basic financial statements are balance sheet,income statement,cash flow,statement of retained earning.
What is the purpose of the accounting cycle?
The purpose of accounting is to provide important financial information in order to make fast and precise decisions. The Krebs Cycle's purpose is to produce ATP that cells can use, occurs in animal cells. The Krebs Cycle is in chloroplasts and is used to produce gluclose for cell
What is the purpose of accounting?
The purpose of accounting is to provide important financial information in order to make fast and precise decisions.
What is the purpose of producing accounting information?
The primary purpose of accounting information is to provide useful information to help people make decisions.Stakeholders of a company are interested in the financial performance of that company, and therefore require accounting information in order to assess the company's well-being.In order for accounting information to be useful, it must be:UnderstandableRelevant/TimelyReliable/VerifiableComparable
What are the purpose of management accountong?
The purpose of management or managerial accounting is to obtain financial information to help make business decisions. Another type of accounting is financial accounting.
What is scrap in cost accounting?
The main purpose of cost accounting is to provide mangement with financial information necessary
What are the purposes of accounting information?
The purpose of accounting information is to provide financial data that will serve as a basis for future decisions. This information is commonly used by business owners and shareholders.
What is the primary purpose of financial accounting?
Accounting is a system of maintaining records of a companies operations and communicating that information to decision makers.
What is the nature and purpose of accounting?
Accounting is the process of recording, summarizing, analyzing, and reporting financial transactions for decision-making. Its purpose is to provide accurate and timely financial information to internal and external users to help in making informed business decisions and assessing the financial health and performance of an organization.
Define the purpose of accounting and identify the four basic financial statements?
The purpose of accounting is provide information to the users like investors ,financial institutions and to other clients. The four basic financial statements are balance sheet,income statement,cash flow,statement of retained earning.
What is the main purpose for visual aids?
They help explain information in another way.
What is the purpose of the accounting cycle?
The purpose of accounting is to provide important financial information in order to make fast and precise decisions. The Krebs Cycle's purpose is to produce ATP that cells can use, occurs in animal cells. The Krebs Cycle is in chloroplasts and is used to produce gluclose for cell
Under the Privacy Act and HIPAA the individual has a right to a record of when the individuals information was disclosed to whom and for what purpose What is this concept called?
This concept is known as accounting of disclosures.
What is the purpose of CAFR?
The purpose of CAFR which stands for comprehensive annual financial report details accounting information and general financial information for the public and investors to review. This helps them to make sound investment decisions.
