Which of the Following Would not Be Considered an Internal

question 171

Multiple Choice

Which of the following would not be considered an internal user of accounting data for the LMN Company?

• A) President of the company.
• B) Production manager.
• C) Merchandise inventory clerk.
• D) President of the employees' labor union.

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Definitions:

Borrowed Money

Funds that an individual or entity has received from another party under the condition that it is to be repaid, typically with interest, at a later date.

Accounting Equation

The fundamental equation of double-entry bookkeeping: Assets = Liabilities + Owners' Equity, depicting a company's financial position at a specific point in time.

Bank

A financial institution licensed to receive deposits, offer loans, and provide various financial services to individuals and businesses.

Limited Liability Company

A business structure that combines the pass-through taxation of a partnership or sole proprietorship with the limited liability of a corporation.