Identify Each of the Following as Either Internal or External

question 166

Short Answer

Identify each of the following as either internal or external users of accounting information. $$\begin{array} { | l | l | } \hline \text { A. } & \text { Payroll manager } \\\hline \text { B. } & \text { Bank } \\\hline \text { C. } & \text { President's secretary } \\\hline \text { D. } & \text { Internal Revenue Service } \\\hline \text { E. } & \text { Raw material vendors } \\\hline \text { F. } & \text { Social Security Administration } \\\hline \text { G. } & \text { Health insurance provider } \\\hline \text { H. } & \text { Managerial accountant } \\\hline\end{array}$$

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Definitions:

Tort

A civil wrong or breach of duty to another person, as outlined by law, which could constitute a lawsuit for damages.

Contractual Incapacity

Contractual incapacity refers to a person's legal inability to enter into a binding contract due to various reasons such as age, mental condition, or duress.

Infant

A child in the earliest period of life, particularly before they can walk; in legal contexts, often synonymous with a minor.

Adult

An individual who has reached the age of majority, legally recognized as capable of managing personal affairs and responsible for their actions.