Question

External users of accounting information, like the Internal Revenue Service, are most commonly known as

External users of accounting information, like the Internal Revenue Service, are most commonly known as

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Answer #1

SOLUTION

"Tax authoritiy"

So, the external users of acounting information , like the Internal Revenue Service , are mostly known as "Tax Authority".We know that the users of accounting information are broadly classified into two as internal and external .And Internal Revenue Service is a component of external users of accounting.

  • Internal Revenue Service is a tax authority based on US,which was formed in 1862.
  • It is a nodal governmental body set up  by honourable president Abraham Lincoln to administer the tax implication in united states.
  • It is administered under theUnited States Department of the Treasury of US.
  • the authority mainly deals with the collection of Income tax and Employment Tax of the individuals and also the companies.
  • Its headoffice is situated in Washington,D.C.
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