Accounting: Tools for Business Decision Making, 5th Edition

Published by Wiley
ISBN 10: 1118128168
ISBN 13: 978-1-11812-816-9

Chapter 1 - Introduction to Financial Statements - Questions: 5

Answer

The internal users of accounting data includes the the managers and owners of the business and the employees. The internal users may need the accounting data for several purposes like making future plans, assessing the current progress of the business and organizing the business operations.

Work Step by Step

The managers would need the accounting data to make short term plans for the business and organize the business operations. The owners would need the accounting data to make long term plans for the business and the assess the current performance of business. The employees would also be interested in the current position of the business to know how much profit is being earned and what are their chances of getting a bonus, or possible layoffs.
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