Question

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

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.