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Q. External users of accounting information?
The external users of accounting information grouped into groups; everyone has different interests in the company and wants answers to unique questions. The six groups and some of their possible questions are:
• Owners and potential owners. Has the company earn satisfactory income on its total investment? Necessity an investment is made in this company? Must the present investment be decreased, increased or retained at the same level? Be able to the company install costly pollution control equipment and still be profitable?
• The Lenders and Creditors. Must a loan be granted to the company? Will the company can pay its debts as they become due?
• The Employees with their unions. Does the company have the capability to pay increased wages? Is the company financially capable to offer long-term employment for its workforce?
• Customers. Does the company tender useful products at fair prices? Will the company continue to exist long enough to honour its product warranties?
• Governmental units. Is the company such like a local public utility charging a fair rate for its services?
• General public. Is the company providing valuable products and gainful employment for citizens without causing serious environmental problems?
Comprehensive Problem in Trial Balance Cash $ 26,470 A/R 14,222 Office Supplies 4,298 Prepaid Insurance 23,137 Equipment 131,495 A/D - Equipment $19,096 Accounts P
1. Shaving 5% of the estimated direct labor hours in the predetermined overhead rate will result a high overhead rate, which would likely result a high credit balance of overapplie
Received security deposit from tenants
A sweep account is actually a grouping of two or more accounts at a bank. It is useful in managing a steady cash flow among a cash account where scheduled payments are made from an
A firm has $200,000 in total assets and $120,000 in owner's equity. What are the total liabilities? A. $80,000 B. $200,000 C. $320,000 D. Cannot be determined from the info
Q. Example on completion method? Assume that by the end of the first year (2010) the company had incurred actual construction costs of USD 30 million. These costs are 75 percen
Accounting information systems' output is required by external and internal users for decision making. you are required to use the following trial balance to prepare financial stat
Illustrate the cases of financial accounting ?Enron, an energy-trading business which is based in Texas, and was accused of entering into complicated financial arrangements in
At December 31, 2011 and 2010, Miley Corp. had 180,000 shares of common stock and 10,000 shares of 5%, $100 par value cumulative preferred stock outstanding. No dividends were decl
what is journal entry
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