The Internal User of Accounting Information Is The

question 2

Multiple Choice

The internal user of accounting information is the:

• A)Building maintenance manager.
• B)Supplier.
• C)Environmental lobby group.
• D)Auditor from the Australian Tax Office.

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Definitions:

Balance Sheet

An overview document showing a business’s assets, liabilities, and the equity of its shareholders on a specific date.

Sole Proprietorship

A business structure where an individual owns and operates the business entirely, bearing unlimited liability for its debts and obligations.

Stockholders' Equity

The owners' claim after subtracting total liabilities from total assets, representing the net value of a company to its shareholders.

Net Income

The residual financial gain of a company after deducting every cost, tax, and expense from the total earnings.