RITE A RESPONSE TO THE FOLLOWING!

The primary objective of financial accounting is to provide accurate financial information. Accounting supplies managers and owners with significant financial data that is useful for decision-making. The accounting professional must take the time to carefully access and balance the company or enterprise financial aspects. They must be willing to learn about the resources available while understanding ways to grow based off of past company performance. Internal users: are individuals who use accounting information from within an organization. An example of an internal user is a store manager. Some of the ways internal users employ accounting information include: Assessing how management has discharged its responsibility for protecting and managing the company’s resources · Shaping decisions about when to borrow or invest company resources · Shaping decisions about expansion or downsizing External users: are individuals that have a financial interest in the reporting aspect of the business. However, they are not involved in the day-to-day operations. An example of an external user is a supplier or a customer. The external users of accounting information fall into six groups: Owners and prospective owners Creditors and lenders: banks and lending institutions Employees and their unions. Governmental units: tax returns, and other documents General public The integrity of financial reporting is the most important trait to have as a professional in any field. There is heavy reliance on integrity by the people who want to be sure that their information and finances will be handled with confidentially. There are a few Christian valuesthat promote integrity in internal financial reporting: Proverbs 16:8 “Better is a little with righteous than great revenues with injustice." Exodus 20:15 You shall not steal."

Answer rating: 100% (QA)

Accounting Financial Accounting Accounting is used by business entities for keeping records of their ... View the full answer