Activity:Think of at least four users of accounting information. Identify their connection to each other and how they benefited one another through the use of accounting information.NOTE: PLEASE REFER TO THE GIVEN LESSON and answer asap please GOVERNMENT AND THEIR AGENCIES- to investigatewhether the business operation complies to thepromulgated government' s rules and regulation.8. FINANCIAL ANALYST AND ADVISORSto determinethe market position of the business in the industry aswell as to give the best advise on how to improve theprofitability level of the company.7.9. TRADE ASSOCIATIONS - necessary to report industrystatistics and business comparisons relevant ineconomic decisions.10. PUBLIC to determine if the company has significantcontributions to the economy thru employment and taxpayments.EconomicactivitiesActions(decisions)McGraw-Hil/IrwinTheaccountingprocessAccounting"links" decisionmakers witheconomicactivitiesandwith the results oftheir decisions.Decisionmakers|||AccountinginformationThe McGraw-Hill Companies, Inc., 2008CERTIFIED PUBLIC ACCOUNTANTDepending on the size of the organization the law requiresthat the business firm should have their financial statementsaudited or examined by an independentCPA"An audit is a comprehensive investigation by an independentCPA of a company's record of financial statements.The objective of an audit is to arrive at a conclusion as towhether the financial statements were prepared in USERS OF ACCOUNTING INFORMATION1. MANAGEMENT - information necessary forplanning and controlling to who will have asignificant impact to the operation of the business.2. OWNER' S FIRM OR PROSPECTIVE OWNERS -information necessary to know the progress of thebusiness and to determine how their money wasbeing used.3. INVESTORS- to know how profitable the businesswould be and to estimate the rate of return of theinvested money4. EMPLOYEES- to determine the stability of thebusiness that will give assurance of security ofemployment through good remuneration andbenefits.5. LENDERS/FINANCIAL INSTITUTIONS - todetermine whether the company can pay theprincipal and interest when due.6. SUPPLIERS/OTHER TRADE CREDITORS - to knowif the company has the capacity to pay the amountson the goods and services delivered.7.GOVERNMENT AND THEIR AGENCIES to investigatewhether the business operation complies to thepromulgated government' s rules and regulation.8. FINANCIAL ANALYST AND ADVISORSto determinethe market position of the business in the industry aswell as to give the best advise on how to improve theprofitability level of the company.

Accounting Information System A system for gathering, processing, and storing accounting and…

Activity: Think of at least four users of accounting information. Identify their connection to each other and how they benefited one another through the use of accounting information. NOTE: PLEASE REFER TO THE GIVEN LESSON and answer asap please

Activity: Think of at least four users of accounting information. Identify their connection to each other and how they benefited one another through the use of accounting information. NOTE: PLEASE REFER TO THE GIVEN LESSON and answer asap please

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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