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Provide an example of who would use financial accounting.

Provide an example of who would use financial accounting.

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The financial accounting process provides data for a wide range of individuals whose objectives in studying the data vary widely. Three primary users of this information are Internal users, External users, and Government. Each one group uses the information differently and also requires the information to be presented in a different way.

Internal Users are the managers and owners of the company.The information helps in assessing how the management has discharged its responsibility for managing the company’s resources

External Users are the people who are outside the company who use accounting information.  Example: Creditors and lenders who give loan to the company.

Government agencies that montor taxes needs use of financial accounting.

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