CBSE Class 11-commerce Answered
Explain any three internal users of accounting information.
Asked by Topperlearning User | 04 Jul, 2016, 08:51: AM
Expert Answer
Internal users of accounting information:
- Owners: The owners of the business need accounting information to estimate the trading results of the business, it’s financial position towards the end of accounting period and future prospects of business.
- Management: Management requires accounting information for planning and controlling and taking decisions efficiently.
Management can help to improve efficiency and thereby increase profits of the enterprise.
- Employees: Good results of the business provide satisfaction to employees as their bread and butter depends on these results. In those business concerns in which profit sharing schemes are introduced, employees become very much interested in knowing how the profit has been ascertained.
Answered by | 04 Jul, 2016, 10:51: AM
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