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Q: In your own words, how would you describe financial accounting? Select two users, one internal and one external, who you think benefit the most from accounting. Explain why and how you think they
benefit.
A: Financial accounting is preparing financial reports filled with information about the company's performance. This goes to investors, creditors IRS. [ The internal one would benefit the company to find out what they need to cut back on, where to invest better, etc. External would benefit the investors by showing them if the company is sound, the IRS sees if taxes are being paid correctly on all
monies earned, and the creditors base their lending rates on how well the company is doing. ]
Expert answered|itolduso|Points 7353|
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Asked 4/19/2011 7:45:26 PM
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