Accounting Information: In accounting, the financial event and transaction are kept in books of accounts and this process is formally known as book keeping. The financial statement contains the profit and loss account, cash flows and balance sheet . The information contained in financial statement known as the accounting information. This information is important for external users as well as for the internal users. External Users: External users are those who will not participate in the decision making of the company but they are interested in the affairs of the company. As the financial event occurs in the company, the effect of that event will directly impact the external users. As final accounts of the corporation are public to everyone means any one can see the financial statements of the company so those who see the financial statement for their own sake they are financial users. To identify: Four kinds of external users and their use of accounting information.

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Answer 1

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Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

Chapter 1, Problem 3DQ

To determine

Accounting Information:

In accounting, the financial event and transaction are kept in books of accounts and this process is formally known as book keeping. The financial statement contains the profit and loss account, cash flows and balance sheet. The information contained in financial statement known as the accounting information. This information is important for external users as well as for the internal users.

External Users: External users are those who will not participate in the decision making of the company but they are interested in the affairs of the company. As the financial event occurs in the company, the effect of that event will directly impact the external users. As final accounts of the corporation are public to everyone means any one can see the financial statements of the company so those who see the financial statement for their own sake they are financial users.

To identify: Four kinds of external users and their use of accounting information.

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XYZ Company had the following information as of Dec 31, 2013 and 2014. In Units 2013 2014 Inventory, Jan 1 - 7,000 Production 20,000 18,000 Available for Sale 20,000 25,000 Units Sold 13,000 23,000 Inventory, Dec 31 7,000 2,000 Sale (P20/unit) 260,000 460,000 Variable Cost (P7.5/unit) 150,000 135,000 Fixed Manufacturing Cost 50,000 54,000 Selling and Administrative 45,000 75,000 Selling and administrative expenses are 60% fixed and 40% variable. Required: (1) Prepare the comparative income statements of XYZ company for 2013 and 2014 using A. Variable Costing B. Absorption Costing (2) Prepare the reconciliation of the net income differences Note: Only 100% sure experts solve it correctly. Complete solutions need to get full marks. take your time, but solve fully and accurately. DO NOT USE AI GENERATED.

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Answer 2

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Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

Chapter 1, Problem 3DQ

To determine

Accounting Information:

In accounting, the financial event and transaction are kept in books of accounts and this process is formally known as book keeping. The financial statement contains the profit and loss account, cash flows and balance sheet. The information contained in financial statement known as the accounting information. This information is important for external users as well as for the internal users.

External Users: External users are those who will not participate in the decision making of the company but they are interested in the affairs of the company. As the financial event occurs in the company, the effect of that event will directly impact the external users. As final accounts of the corporation are public to everyone means any one can see the financial statements of the company so those who see the financial statement for their own sake they are financial users.

To identify: Four kinds of external users and their use of accounting information.

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Answer 3

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Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

Chapter 1, Problem 3DQ

To determine

Accounting Information:

In accounting, the financial event and transaction are kept in books of accounts and this process is formally known as book keeping. The financial statement contains the profit and loss account, cash flows and balance sheet. The information contained in financial statement known as the accounting information. This information is important for external users as well as for the internal users.

External Users: External users are those who will not participate in the decision making of the company but they are interested in the affairs of the company. As the financial event occurs in the company, the effect of that event will directly impact the external users. As final accounts of the corporation are public to everyone means any one can see the financial statements of the company so those who see the financial statement for their own sake they are financial users.

To identify: Four kinds of external users and their use of accounting information.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 4

Question

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

Chapter 1, Problem 3DQ

To determine