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Chapter 1 solution

Chapter 1 solution - BUSI1002 Introduction to Accounting...

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BUSI1002 Introduction to Accounting Class Discussion Chapter 1 Tutorial 1 Solutions 3. All organizations have a need to use accounting information, even if that information is as simple as the cash flowing into and out of the organization. This includes government organizations, not-for-profit organizations (e.g., charities, churches), and even individuals. 5. These four concepts may be described as an endless cycle in which economic activities occur, are measured by an accounting process which produces accounting information which, in turn, facilitates decision making which restarts the process as economic activities result from those decisions. 10. The primary external users of financial accounting information are investors and creditors, although external users also include labor unions, governmental agencies, suppliers, customers, trade associations, and the general public. 15. The three primary financial statements that are means of communicating financial accounting information are:
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