Question

which of the following is likely to be a user information in a financial accounting system...

which of the following is likely to be a user information in a financial accounting system

taxing authorities
other businesses
potential investors
all of the above

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Answer #1

Answer is all of the above

Explanation:

The financial accounting information is mostly used by external users since the results are published. The external users consist of shareholders, investors, suppliers, bankers, lenders, revenue authority, stock exchanges, potential investors, etc. Tax authorities use to calculate taxable income with the published financial statement since it has an impact on the taxes to be paid to the authority. Other business uses it to see the performance of the business and see how it affects them. Potential investor wants to see performance of the business for further investments. Hence answer is all of the above

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