0
All businesses, organizations, and government agencies must use accounting information. These entities cannot run without money to pay for things like overhead, personnel, goods, services, etc. Also important is how much money there is to spend, how the money is spent, if there is profit or reserve, and if so, how much. Accounting information is how these needs are kept track of. This information is provided to the officials and personnel responsible for the money and financial transactions of the company, organization or agency.
Add your answer:
Earn +20 pts
Some example of internal users of accounting information?
Managers
Limitation of accounting information?
The limitations of accounting information Despite the usefulness of accounting information, there are some limitations: 1. An accountin
Who is the user of accounting information?
The users of accounting information are divided into two categories:- 1) internal users 2) External users 1. INTERNAL USERS These are the management and employees' of the organisation. - Management/managers need accounting information to assist them in making different decision concerning the business. eg. changing the product line, increasing production or sales of a certain product, expanding its operation or reducing its coverage etc. - Employees need accounting information in order to know their productivity, whether their earnings will be increased in the future, whether the business is able to pay their wages/salaries etc. 2. External Users These are the users apart from those within the organisation who need accounting information so as to make their own decision in relation to the bosiness/organisation. example of those external users are customer, suppliers, bankers of the business, competitors, tax authorities, investors, the government etc. Some the external users and their information needs are:- - Customers need information such as whether the business will continue to lender them services or not, and the ability of the business to meet their orders at the specified time. - supplier need accounting information so as to know whether the business will be able to pay their debts for the goods or services sold or lendered to it , and the time the business will take to pay its debt. - Investors need the accounting information so as to decide whether they should invest with the business, whether withdrowing their investments and or increase their investment in the business. - tax authorities need accounting information so as to predict/calculate how much will be received from the business as tax, or to increase or decrease tax payable by the business.
What is importance of accounting information for a business entity?
There are various importance of accounting information to a business entity. Getting to know what an accounting information is and the importance (need) of it is a great step to improving one's capital base, both from the finance aspect to the resources (raw materials) an organisation uses in carrying out its objectives. An accounting information is simply the data which an organisation/business entity is able to make known to its users. It should be taken note that these users of accounting are of various sections - to which a business entity is one of. A business entity will require an accounting information so as to enable it manage and control its finances and resources. It also needs it for it to be able to improve on its level of profit earning, should it realises it is declining in its profitability level. It also needs to for it know the differences between its marginal liability and its marginal assets. There are so many importance of a business information to a business enterprise, but the little I've been able to highlight above are some of the vital needs of an organisation's need of an accounting information. Thank you.
What is some good accounting software for daycare?
Some good accounting software for daycare are Quickbooks and Ezcare. You can find more information at www.mydaycaresoftware.com/accounting-software-for-daycare.php
Some example of internal users of accounting information?
Managers
Limitation of accounting information?
The limitations of accounting information Despite the usefulness of accounting information, there are some limitations: 1. An accountin
Who is the user of accounting information?
The users of accounting information are divided into two categories:- 1) internal users 2) External users 1. INTERNAL USERS These are the management and employees' of the organisation. - Management/managers need accounting information to assist them in making different decision concerning the business. eg. changing the product line, increasing production or sales of a certain product, expanding its operation or reducing its coverage etc. - Employees need accounting information in order to know their productivity, whether their earnings will be increased in the future, whether the business is able to pay their wages/salaries etc. 2. External Users These are the users apart from those within the organisation who need accounting information so as to make their own decision in relation to the bosiness/organisation. example of those external users are customer, suppliers, bankers of the business, competitors, tax authorities, investors, the government etc. Some the external users and their information needs are:- - Customers need information such as whether the business will continue to lender them services or not, and the ability of the business to meet their orders at the specified time. - supplier need accounting information so as to know whether the business will be able to pay their debts for the goods or services sold or lendered to it , and the time the business will take to pay its debt. - Investors need the accounting information so as to decide whether they should invest with the business, whether withdrowing their investments and or increase their investment in the business. - tax authorities need accounting information so as to predict/calculate how much will be received from the business as tax, or to increase or decrease tax payable by the business.
Types of accounting information systems?
There are so many different types of accounting information systems. Some of the common ones include project accounting, forensic accounting, tax accounting, management accounting and so much more.
What is importance of accounting information for a business entity?
There are various importance of accounting information to a business entity. Getting to know what an accounting information is and the importance (need) of it is a great step to improving one's capital base, both from the finance aspect to the resources (raw materials) an organisation uses in carrying out its objectives. An accounting information is simply the data which an organisation/business entity is able to make known to its users. It should be taken note that these users of accounting are of various sections - to which a business entity is one of. A business entity will require an accounting information so as to enable it manage and control its finances and resources. It also needs it for it to be able to improve on its level of profit earning, should it realises it is declining in its profitability level. It also needs to for it know the differences between its marginal liability and its marginal assets. There are so many importance of a business information to a business enterprise, but the little I've been able to highlight above are some of the vital needs of an organisation's need of an accounting information. Thank you.
What is some good accounting software for daycare?
Some good accounting software for daycare are Quickbooks and Ezcare. You can find more information at www.mydaycaresoftware.com/accounting-software-for-daycare.php
Where can one get information about accounting resume?
Information about accounting resumes can be found from many different resources. Some examples of online resources for this information include AccountingResumes and RasMussen.
Give some examples of external users of accounting information?
If a company is public, current & potential shareholder's will utilize accounting information. Auditors and the SEC review the books as well. The financial statements gives a snapshot of the condiditon of a company.
Which are some of the good and renowned private companies providing online accounting classes?
You can go to http://www.onlineaccountingclasses.com/ . They will help you there on online accounting degrees and other information about online accounting.
What is the best accounting software for home users?
QuickBooks is probably the most well-respected accounting software for businesses out there. However, I would plan on getting some training prior to using it as it is quite complicated.
What are the key components of accounting information system?
Some key components to an accounting information system is the ability to communicate with other departments. Another important component is the person operating the system.
Why accounting is a means rather than end?
Accounting is a system. Like with all systems it is only as good as the information entered into it, although it does provide some checks and balances. If not all the information is entered, or if the information is entered incorrectly then the system is useless.
