Learning Goal: I’m working on a accounting writing question and need the explanation and answer to help me learn.
Parties who are interested in accounting are
1) OWNERS
They are interested to know the amount of earning and expenses, actual profit or loss, nature and availability of assets and liabilities, debtors and creditors.
2) MANAGEMENT
They need financial accounting records for future planning and evaluating performance to see that it is in tune with plans or not.
3) INVESTORS
They need to findout the past and present performances to assess about its future. This is done by them with the object of knowing what is to be invested.
4) CREDITORS
They need financial accounting records to know the credit worthiness and repaying capabilities of the organisation.
5) EMPLOYEES
They need accounting information to evaluate and compare salary and other benefits with organisation of similar nature.
6) GOVERNMENT
To collect various taxes like customers duty, sales tax, income tax etc. the government need proper accounts.
7) RESEARCHER
They are in need of accounting information for the interpretation of the financial statements of the unit for a specific objective which they have undertaken.
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