Use the internet to research one for-profit, one governmental, and one not-for-profit entity. For each entity, describe the following:
A. the primary purpose of the entity
B. the types of activities that accountants would record (hint: what is the source of the entity’s funding, and what costs might the entity have?)
C. the types of decisions that might be made in this organization and how financial and nonfinancial information might help the decision-making process
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Chapter 1 Solutions
Principles of Accounting Volume 1
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Principles of Management
Financial Accounting (12th Edition) (What's New in Accounting)
Cost Accounting (15th Edition)
Managerial Accounting (5th Edition)
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Managerial Accounting (4th Edition)
- Use the internet to research one manufacturing, one retail (or merchandising), and one service business. For each business, describe the following: A. the primary purpose of the entity B. the types of activities that accountants would record (hint: what is the source of the business funding, and what costs might the business have?) C. the types of decisions that might be made in this organization and how financial and nonfinancial information might help the decision-making processarrow_forwardWhich of the following statements is/are true? i. Information is the raw material for data processing. ii. External sources of information include an organization's financial accounting records. III. The main objective of a non-profit making organization is usually to provide goods and services. I and III only I, II, and III II and III only III onlyarrow_forwardDiscuss the basic assumptions of CVP analysis and how can we use CVP analysis in making decisions in a not-for-profit organization, as well as a for-profit organization?arrow_forward
- Financial reporting depends on the needs of external users of the information reported. Who are the users of government and nonprofit financial reports? Also, identify at least one difference between the needs of each of these user types and the needs of stockholders in business entities.arrow_forwardExamine the role of accounting theory in addressing the challenges of measuring and reporting the performance of non-profit organizations and government entities.arrow_forwardDescribe the concept of a profit center and, using a specific organization, give an example of how this might be used to achieve the strategic goals of the organization.arrow_forward
- Discuss what information would be most useful for these users of accounting information: Management Employees Investors Creditors Customers Tax authoritiesarrow_forwardUse the internet to research one manufacturing, one retail (or merchandising), and one service business. For each business, describe the following:Your answer:A. the primary purpose of the entityB. the types of activities that accountants would record (hint: what is the source of the business’ funding, and what costs might the business have?)C. the types of decisions that might be made in this organization and how financial and nonfinancial information might help the decision-making processarrow_forwardAssess your organization's financial strategy's goals for financial management and the involvement of various stakeholders.arrow_forward
- Identify the following users as either External users or Internal users. a. Chief Executive Officer (CEO) b. Service managers c. District attorney d. Shareholders e. Lenders f. FBI and IRS g. Consumer group h. Creditors i. Regulators j. Nonprofit donor k. Voters 1. Government officialsarrow_forwardExplain the following for a manufacturing, retail, or service business: The primary purpose of the entity The types of activities that accountants would record (hint: what is the source of the business’ funding, and what costs might the business have? The types of decisions that might be made in this organization and how financial and nonfinancial information might help the decision-making process?arrow_forwardGAAP provides rules for entities to follow when preparing financial statements which assist external users with: A.analysing owner's personal transactions. B.interpreting bank statements C.making comparisons between an entity’s budgeted and actual results. D.making comparisons between the financial information of different entities.arrow_forward
- Principles of Accounting Volume 1AccountingISBN:9781947172685Author:OpenStaxPublisher:OpenStax CollegePkg Acc Infor Systems MS VISIO CDFinanceISBN:9781133935940Author:Ulric J. GelinasPublisher:CENGAGE LPrinciples of Accounting Volume 2AccountingISBN:9781947172609Author:OpenStaxPublisher:OpenStax College