Identify the following users of accounting information as either an (a) external or (b) internal user. Regulator

Q: hat are the accounting information needed by: a. Internal users b. External users

A: Accounting Information:- This is that information that is required by both external and internal…

Q: Describe the various types of individuals who use accounting information and how they use that…

A:

Q: The principles and objectives that guide the creation of accounting information under accrual…

A: The matching principle, which is related to accrual accounting, asserts that an expense must be…

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: What is concern of external users of accounting information in GAAP?

A: Accounting information includes all financial statements like Balance Sheet, Income statements and…

Q: Which of the following statement best explains the need for a regulatory framework? A regulatory…

A: Financial statements are prepared for various purposes such as for external reporting, managerial…

Q: Describe the role of auditor in accounting.

A: 1. An auditor's responsibility is to give a true and fair view of the financial statements which…

Q: Describe significant accounting policies.

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

Q: What do the decisions based on accounting information include?

A: Accounting information is the collection and processing of the business transaction to conclude the…

Q: n the role of the accounting system according to the agency theory

A: Agency theory is one of the common problem in the organization form of the system and that exist due…

Q: Explain what it means to manage, define accounting, and discuss the nature and purpose of…

A: Introduction: Accounting is concerned mainly with recognizing, documenting, measuring, and…

Q: Which one of the following characteristics of accounting information is related to Objectivity? a.…

A: Accounting information means that relevant accounting and financial information that is useful for…

Q: What is the premise behind the double - entry recording framework developed and refined in the…

A: Double entry system is an accounting system in which two aspects of each transaction are required to…

Q: What type of internal and external accounting reports will you use in the process of making…

A: Internal accounting reports are managerial reports which are generated for use by managers at…

Q: What are the objective of any accounting system?

A: The accounting information system is software in which inputs are added in the form of sales or…

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

A: External users of accounting information are users outside the organisation that use information for…

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: Discuss the assumptions underlying accounting measurement and explain their significance.

A: Accounting can be defined as the process of measuring the monetary business transaction for the…

Q: An item that meets the definition of an accounting element should be given recognition in the…

A: Accounting Elements:- Assets, Liabilities, Equity, Capital, Drawings, Revenue, and Expenses are the…

Q: Describe the ethics in accounting.

A: Accountants and the accountancy profession exist as a means of public service; the distinction which…

Q: Why is accounting referred to be an information system? Explain with an example from your own point…

A: Information system is a system which is designed to collect, store and process information for the…

Q: PURPOSE OF ACCOUNTING Describe the kind of information needed by the users listed.Owners (present…

A: Accounting serves the purpose of rendering the required information to different users of financial…

Q: Why accounting information elements that may affect by stakeholders

A: Accounting is the process of recording, classifying and summarizing accounting information in such a…

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: From the internal parties that the system deals with Accounting information *

A: Basically internal information can be accessed only by the internal users of an organisation. People…

Q: When it comes to the contemporary practice of accounting, what is the significance of the Accounting…

A: Here is the Answer

Q: W

A: According to AICPA, "accounting is an art of recording, classifying, summarizing in a significant…

Q: Discuss the terms relevance and faithful representation as they relate to financial accounting…

A: Financial accounting: It can be defined as the branch of accounting that is associated with the…

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

A: Internal Users: The internal users are the users of the information who are within the…

Q: Describe about the external and internal events of the accounting.

A: An Accounting event is a transaction that is recorded in the books of accounts of the company. The…

Q: What is the function of accounting information systems in today's accounting practise

A: Accounting Information System (AIS) is a concept. Generally speaking, an accounting information…

Q: State the various essential features of an accounting report.

A: Step 1 The report refers to the summary of the information which caters to a particular need. It is…

Q: Define accounting and describe the different uses of accounting information

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

Q: Identify four kinds of external users and describe how they use accounting information.

A: External users of accounting information are those users which are from outside the organization and…

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

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: Why does the Financial Accounting Standards Board define accounting as information systems?

A: A seven-member independent board consisting of accounting professionals who establish and…

Q: What is the function of the Accounting Information System in current accounting?

A: Accounting Information Systems are the systems that help the organizations to record their…