True: Accounting is the process of systematically recording, analyzing, and interpreting business’s financial information., Managers use financial information to set goals for the company., The financial statements provide all the needed information by decision makers, Internal users of financial information are decision-makers who belong to the business organization itself., Financial reports provide information on the ability of the firm to pay wage increase for their employees., Engaged in putting into records all the business transactions in chronological order, False: Taxing authorities are external users of financial information with direct interest in the business entity., Creditors make use of financial report to know how the business used the money lent to the entity., Potential investors are interested in financial information thet will help them know the ability of the entity to pay dividendsdividends, The shareholders or owners, management, and the company employees are external users with indirect interest in the business, Accounting is not the Language of Business,

Introduction to Accounting

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