GBS151 Chapter 14 REVIEW QUESTIONS 1-6

GBS151 Chapter 14 REVIEW QUESTIONS 1-6 - Chapter 14 The...

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Chapter 14: The Role of Accountants and Accounting Information REVIEW QUESTIONS 1-6 Page 381 1. Who are the users of accounting information, and for what purposes do they use it? -Business managers use it to develop goals and plans, set budgets, and evaluate future prospects. -Employees and unions use it to plan for and receive compensation and such benefits as health care, vacation time, and retirement pay. -Investors and creditors use it to estimate returns to stockholders, determine growth prospects, and decide whether a firm is a good credit risk. -Tax authorities use it to plan for tax flows, determine the tax liabilities of individuals and businesses, and ensure that correct amounts are paid on time. -Government regulatory agencies rely on it to fulfill their duties towards the public 2. Identify the three types of services performed by CPAs. Auditing services, tax services, and management services 3. Explain the ways in which financial accounting differs from managerial (management) accounting.
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