Accounting as a Source of Information
Accounting as a Source of Information: Overview
This topic covers concepts, such as, Accounting Information, External Users of Accounting Information, Qualitative Characteristics of Accounting Information and Internal Users of Accounting Information etc.
Important Questions on Accounting as a Source of Information
Explain the qualitative characteristics of accounting information.
Describe the informational needs of external users.
If the accounting information is not clearly presented, which of the qualitative characteristic of the accounting information is violated?
‘Accounting information should be comparable’. Do you agree with this statement? Give two reasons.
Enumerate information needs of management.
Who are the external users of information?
State the nature of accounting information required by long-term lenders.
Who are the users of accounting information?
State the end product of financial accounting.
