Table of contents

1. Introduction to Accounting1h 21m
2. Transaction Analysis1h 13m
3. Accrual Accounting Concepts2h 38m
4. Merchandising Operations2h 30m
5. Inventory1h 55m
6. Internal Controls and Reporting Cash1h 16m
7. Receivables and Investments3h 8m
8. Long Lived Assets5h 1m
9. Current Liabilities2h 19m
10. Time Value of Money1h 23m
- Time Value of Money Equations
  35m
- Using Time Value of Money Tables
  47m
11. Long Term Liabilities2h 45m
12. Stockholders' Equity2h 15m
13. Statement of Cash Flows2h 24m
14. Financial Statement Analysis5h 25m
15. GAAP vs IFRS56m

1. Introduction to Accounting

Types of Accounting

Financial Accounting

1. Introduction to Accounting

Types of Accounting

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Multiple Choice

Which of the following groups is considered to be internal users of accounting information?

Shareholders not involved in daily operations

Creditors

Company management

Government agencies

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Verified step by step guidance

Understand the concept of internal users of accounting information: Internal users are individuals or groups within the organization who use accounting information to make decisions related to the company's operations, planning, and control.

Identify the role of company management: Company management is responsible for overseeing the daily operations, making strategic decisions, and ensuring the company's financial health. They rely on accounting information to perform these tasks effectively.

Differentiate internal users from external users: External users, such as shareholders, creditors, and government agencies, are outside the organization and use accounting information for purposes like investment decisions, lending, or regulatory compliance. Internal users, like company management, are directly involved in the organization's operations.

Analyze the options provided: Shareholders not involved in daily operations, creditors, and government agencies are external users of accounting information. Company management, on the other hand, is an internal user because they are part of the organization and use accounting information for decision-making.

Conclude that company management is the correct answer, as they are internal users who utilize accounting information to manage and control the organization's activities.