DQ1 In your own words, how would you describe financial accounting? Select two users, one internal and one external, who you think benefit the most from accounting? Explain why and how you think they benefit. In my own words I would describe financial accounting as a tool that serves different parties outside of the company for achieving their ultimate goals; for example, investors want to know if the company is profitable and then decide whether invest funds or not, IRS wants to know similar information but for different reason- collecting taxes, creditors also want to see company's real financial situation in order to determine its ability to pay off debt, and there can be many other users. Out of internal and external users that benefit the most from accounting I chose Creditors for external , and Company Officers for internal users. For the internal users I chose Company Officers because determining direction and strategy of the company they are the ones who lead organization ether to the progress
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