Users of Accounting Information

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Users of Accounting Information Accounting is a service activity that provides information to help internal and external users make decisions. (LO3) © 2013 McGraw-Hill Ryerson Limited.

© 2013 McGraw-Hill Ryerson Limited. External Users External users of accounting information are not involved in running the organization. They include: Lenders Shareholders Governments Consumer groups External auditors Customers (LO3) © 2013 McGraw-Hill Ryerson Limited.

© 2013 McGraw-Hill Ryerson Limited. External Reporting Reports for external users are usually in the form of financial statements. The information in the statements needs to be relevant and faithfully represented. Generally accepted accounting principles (GAAP)are the underlying concepts that make up acceptable accounting practices. GAAP are important in increasing the usefulness of financial statements to users. (LO3) © 2013 McGraw-Hill Ryerson Limited.

© 2013 McGraw-Hill Ryerson Limited. Internal users Internal users are involved in managing and operating an organization. Accounting provides information to these users to help them improve the efficiency and effectiveness of the organization. (LO3) © 2013 McGraw-Hill Ryerson Limited.

Typical Questions Asked by Internal Users What are the manufacturing expenses per unit of product? What is the most profitable mix of services? What level of revenues is necessary to show net income? Which service activities are most profitable? Which expenses change with a change in revenue? (LO3) © 2013 McGraw-Hill Ryerson Limited.

Accounting Opportunities Broad fields of accounting include: Financial accounting Managerial accounting Taxation Accounting-related fields (LO3) © 2013 McGraw-Hill Ryerson Limited.

Accounting Opportunities Accountants may work as: Private accountants Public accountants Government accountants (LO3) © 2013 McGraw-Hill Ryerson Limited.

Professional Certification Professional certifications in Canada: Certified General Accountant (CGA) Certified Management Accountant (CMA) Chartered Accountant (CA) Chartered Professional Accountant (CPA) (LO3) © 2013 McGraw-Hill Ryerson Limited.