Financial Accounting Data and Types of Users, homework help

User Generated

poebja1977

Business Finance

Description

Deliverable Length: 350–500 words

Scenario

You were recently promoted to a senior accountant’s position, and part of your job requirements will be to train the new accounting clerks. As part of your first task, you are asked to explain the different types of users of financial statements and what type of source documents accountants might use to enter financial information.

Using your textbook, the library, the Internet, or any other available materials, explain the different types of users of financial statements. The following questions must be answered in the report to receive full credit:

  • What types of users can be found reviewing the financial statements? Be specific with your answers, include detail, and give examples.
  • What types of decisions might these users need to make?
  • What are some source documents that accountants may need to enter financial information?

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Running Head: FINANCIAL ACCOUNTING DATA AND ITS USERS

Financial Accounting Data and Types of Users
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FINANCIAL ACCOUNTING DATA AND ITS USERS
Financial Accounting Data and Types of Users
The objective of financial accounting data is to provide information to users to enable them
to make critical economic decisions based on the financial position and performance of an
enterprise. Thus, an accountant needs to develop detailed source documents for every financial
transaction of a business. Typical source documents include purchase orders, receipts, credit and
debit notes, deposit slips, and invoices, among other accounting source documents (Elliott and
Elliott, 2007). Such documents would provide evidence of a busi...


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