Intermediate Accounting - Myaccountinglab - Pearson Etext Access Card Student Value Edition
1st Edition
ISBN: 9780134047430
Author: Elizabeth A. Gordon, Jana S. Raedy, Alexander J. Sannella
Publisher: PEARSON
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Textbook Question
Chapter 1, Problem 1.2BE
Financial Statement Users and Other Parties Involved in Financial Reporting. Match the financial statement users and other parties involved in the use of and preparation of financial information with their role.
Financial Statement Users and Other Parties | Role |
_Equity Investors | 1. Are banks and other financial institutions that lend money to the company. |
_Creditors | 2. Use financial statements to determine whether to conduct business or purchase products from a company. |
_Financial Analysts | 3. Use financial information to determine their market position relative to the reporting entity and to attempt to identify future strategies of the reporting entity. |
_Employees and Labor Unions | 4. Are independent of the company and responsible for ensuring that management prepares and issues financial statements that comply with accounting standards and fairly present the financial position and economic performance of the company. |
_Suppliers and Customers | 5. Use financial information to review and analyze reported results of the companies they cover and make investment recommendations. |
_Government Agencies | 6. Are employees of the company serving in an advisory role to management. They provide information to management regarding the company’s operations and proper functioning of its internal controls. |
_Competitors | 7. Review the financial statements of publicly traded companies for a variety of reasons that are in the public interest. |
_External Auditors | 8 Use financial information during negotiation of new labor agreements and compensation contracts. |
_Internal Auditors | 9. Support accounting professionals throughout their careers by providing training, professional skills development, and other resources. |
_Regulatory Bodies | 10. Are shareholders of the company. |
_Professional Organizations | 11. Protect investors and oversee the accounting and auditing standard setting processes. |
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Chapter 1 Solutions
Intermediate Accounting - Myaccountinglab - Pearson Etext Access Card Student Value Edition
Ch. 1 - Prob. 1.1QCh. 1 - Prob. 1.2QCh. 1 - How is the allocation of capital linked to the...Ch. 1 - Prob. 1.4QCh. 1 - What is the function of the accounting standard...Ch. 1 - Can U.S. companies listen on U.S. stock exchanges...Ch. 1 - Prob. 1.7QCh. 1 - Prob. 1.8QCh. 1 - Prob. 1.9QCh. 1 - Prob. 1.10Q
Ch. 1 - Prob. 1.1BECh. 1 - Financial Statement Users and Other Parties...Ch. 1 - Prob. 1.3BECh. 1 - Prob. 1.4BECh. 1 - Prob. 1.5BECh. 1 - Prob. 1.6BECh. 1 - Prob. 1.7BECh. 1 - Financial Accounting. Define financial accounting...Ch. 1 - Prob. 1.2ECh. 1 - Convergence of Accounting Standards, IFRS Vikram...Ch. 1 - History of Standard Setting in the United States....Ch. 1 - Prob. 1.5ECh. 1 - Prob. 1.6ECh. 1 - Rules-versus Principles-Based Accounting. Review...
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