Business Essentials (12th Edition) (What's New in Intro to Business)
12th Edition
ISBN: 9780134728391
Author: Ronald J. Ebert, Ricky W. Griffin
Publisher: PEARSON
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Question
Chapter 15, Problem 15.1QR
Summary Introduction
To determine: The users of accounting information and the purpose of using accounting information.
Introduction:
Accounting is the process which would be done by the finance department of the firm. It helps the firm to keep the financial accounts. It would summarize the financial and business transaction of the firm and records it for the future use.
Expert Solution & Answer
Explanation of Solution
Determine the users of accounting information and the purpose of using accounting information:
- Investors and creditors would use the accounting information to decide whether the firm is a good credit risk. It can also be used to estimate the returns to stockholders. It helps to determine the growth prospects of the firm.
- It can be used by government regulatory to fulfill their responsibilities.
- Employees and unions can use the accounting information to receive compensation and benefits. Benefits include retirement pay, healthcare, and vacation time.
- Accounting information can be used by the business managers to set budgets and to develop plans and goals.
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Chapter 15 Solutions
Business Essentials (12th Edition) (What's New in Intro to Business)
Ch. 15 - Prob. 15.1QRCh. 15 - Prob. 15.2QRCh. 15 - Prob. 15.3QRCh. 15 - Prob. 15.4QRCh. 15 - Prob. 15.5QRCh. 15 - Prob. 15.6QACh. 15 - Prob. 15.7QACh. 15 - Prob. 15.8QACh. 15 - Prob. 15.9AECh. 15 - Prob. 15.10AE
Ch. 15 - Prob. 15.11ACh. 15 - Prob. 15.12ACh. 15 - Prob. 15.13ACh. 15 - Prob. 15.14ACh. 15 - Prob. 15.15ACh. 15 - Prob. 15.20EECh. 15 - Prob. 15.21EECh. 15 - Prob. 15.22EECh. 15 - Prob. 15.23CCh. 15 - Prob. 15.24CCh. 15 - Prob. 15.25CCh. 15 - Prob. 15.26CCh. 15 - Prob. 15.27CCh. 15 - Prob. 15.28CCh. 15 - Prob. 15.29CCh. 15 - Prob. 15.30CCh. 15 - Prob. 15.31C
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