MGMT1A - Chapter 1:
Accounting in
Business fully solved
& updated
External Users - answer Do not directly run the organization and
have limited access to its accounting information.
Examples are lenders, shareholders, boards of directors, external
auditors, nonexecutive employees, labor unions, regulators, voters,
donors, suppliers, and customers.
Internal Users - answer Directly manage organization operations.
Examples are the CEO and other executives, research and
development managers, purchasing managers, production
managers, and other managerial-level employees.
private accounting - answer accounting employees working for
businesses
public accounting - answer offering audit, tax, and accounting
services to others
Fraud Triangle - answer The three factors that contribute to
fraudulent activity by employees: opportunity, financial pressure,
and rationalization.
Fraud Triangle: Opportunity - answer must be able to commit fraud
with low risk of getting caught
Accounting in
Business fully solved
& updated
External Users - answer Do not directly run the organization and
have limited access to its accounting information.
Examples are lenders, shareholders, boards of directors, external
auditors, nonexecutive employees, labor unions, regulators, voters,
donors, suppliers, and customers.
Internal Users - answer Directly manage organization operations.
Examples are the CEO and other executives, research and
development managers, purchasing managers, production
managers, and other managerial-level employees.
private accounting - answer accounting employees working for
businesses
public accounting - answer offering audit, tax, and accounting
services to others
Fraud Triangle - answer The three factors that contribute to
fraudulent activity by employees: opportunity, financial pressure,
and rationalization.
Fraud Triangle: Opportunity - answer must be able to commit fraud
with low risk of getting caught
