There are external and internal users of accounting
information. Which of the following will be considered as an
external user of accounting information for Gizmo Traders?
(a) Employees, investors and lenders of Gizmo Traders
(b) Investors and lenders of Gizmo Traders as well as government
and their agencies.
(c) Management, employees and customers of Gizmo Traders.
(d) The general public, customers of Gizmo Traders and Gizmo
Traders suppliers and other trade creditors.
(e) Employees and lenders of Gizmo Traders as...
The ultimate goal of accounting is to provide both internal and
external users with information that is relevant and reliable for
their decision making purposes. US companies are subject to various
reporting requirements, as mandated by the Securities Exchange
Commission.
Go to the U.S. Securities & Exchange Commission site
Use Edgar to find the 12-31-2017 Annual Report (10K) for Southwest
Airlines and respond to the following questions.
1.) What amounts did Southwest report for the following items
for the year...
Identify the following users as either external users (E) or
internal users (I).
a) Customers
b) Suppliers
c) Brokers
d) Business press
e) Managers
f) District attorney
g) Shareholders
h) Lenders
i) Sales clerks
j) FBI and IRS
k) Consumer group
1. Discuss internal and external users of accounting
information. What areas of accounting provide them with
information? Give an example of the type of report each
type of user might use.'
2.Companies like Enron, HealthSouth, and Xerox Corporation have
been caught in the midst of ethical lapses that led to fines,
firings, and criminal and/or civil prosecution. List and briefly
describe two factors that are responsible for what went wrong in
these companies.
3. What is the major difference between the objective...
1. Discuss internal and external
users of accounting information. What areas of accounting provide
them with information? Give an example of the type of report each
type of user might use.
2. Explain the meaning of the
business entity concept.
3. What is the major difference
between the objective of financial accounting and the objective of
managerial accounting?
1.According to GAAP, to be useful, accounting information must
be all of the following EXCEPT:
Relevant
Reliable
Subjective
Comparable
2.
An increase in the cost of goods sold would cause a company’s
profit margin to
a. increase.
b. decrease.
c. remain unchanged.
d. Must be offset by an increase in the selling
price.
3.
Which of the following is not an element of internal
control?
Assigning responsibilities to individuals who have the
authority to administer them...
major action of calcium include all of the following
except, A, cardiovascular support, B, nerve transmission C, blood
clothing, D, causes fluid retention,