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The information needs of a specific user of financial accounting information depends upon the kinds of decisions that user makes. Identify and describe the major users of accounting information and discuss what questions financial accounting information answers for each group of users.

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Reid Wolff
Reid WolffLv2
28 Sep 2019

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Research Case—

Federal Financial Reporting Objectives. Statement of FinancialAccounting Concepts 1, “Objectives of Federal Financial Reporting”at (http://www.fasab.gov/pdffiles/handbook_sffac_1.pdf) identifiesaccountability and decision usefulness as the fundamental values offederal governmental financial accounting and reporting. Thestatement identifies four groups of users to whom the governmentowes accountability and the possible needs of each user group.

Required

Briefly describe the user groups, their needs for information,and how these tie into the four objectives of federal financialreporting identified in the statement.

Financial and managerial accounting are similar in that both:

A. are designed to meet the needs of managers.

B. primarily emphasize future operating results and goals.

C. provide information primarily to external users.

D. are regulated by outside regulatory agencies and commissions.

E. use the information provided by the internal accounting system.

"Accounting Adjustments" Please respond to the following:

Watch Accounting WITT’s video:https://www.youtube.com/watch?v=aPwdgUDXkkE

Next, explain the major advantages and disadvantages inherent inusing both the cash and the accrual basis of accounting. Then,determine the one (1) that you believe provides the most usefulfinancial information to users. Identify at least two (2) types ofbusinesses that would benefit by preparing financial statementsusing either the cash or accrual basis of accounting. Justify yourresponse.

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