Accounting Information: Operating, Financial, Management
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Can you help me with the following assignment? Respond to each of the following. Place your response immediately below the question. Be sure to respond to all parts of each question.
1. From your experience(s)
(a) Give at least one example of each of the following: operating accounting information, financial accounting information, and management accounting information. Be sure your examples conform to the "definitions" given in the text.
(b) For each example, indicate the user of the accounting information provided.
(c) When citing your examples, show how the examples relate to the definition of accountingâ?"that is, show how the example identifies, measures, and communicates economic information to permit informed judgments and decisions by users of the information.
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Solution Summary
Give at least one example of each of the following: operating accounting information, financial accounting information, and management accounting information. Be sure your examples conform to the "definitions" given in the text.
(b) For each example, indicate the user of the accounting information provided.
(c) When citing your examples, show how the examples relate to the definition of accountingâ?"that is, show how the example identifies, measures, and communicates economic information to permit informed judgments and decisions by users of the information.
Solution Preview
1. From your experience(s)
(a) Give at least one example of each of the following: operating accounting information, financial accounting information, and management accounting information. Be sure your examples conform to the "definitions" given in the text.
Operating accounting information:
This is by far the most common type of accounting information that is both used and provided by a company. The operating accounting information makes up the day-to-day accounting information. Managers use this data to determine if there is enough cash on-hand to pay bills, or to pay salaries. Another example of operating accounting information would be a manager requesting a detailed listing of an account payable, to determine if the company has enough credit (or a low enough balance) to make another inventory purchase from the same supplier before paying on their account.
Financial accounting information:
Financial accounting information is used primarily by shareholders, investors, creditors, and management to determine the current financial ...
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