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21 Feb 2020

Which of the following is not an external user of a business's financial information ?

 

  1. Employees

  2. Investors

  3. Taxing Authorities

  4. Customers

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Irving Heathcote
Irving HeathcoteLv2
21 Feb 2020
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Related questions

Jurisdiction B's tax system consists of a 6.5 percent generalsales tax on retail goods and selected services. Over the pastdecade, the average annual volume of sales subject to this tax was$500 million. The jurisdiction needs to increase its tax revenuesby approximately $5 million each year to finance its spendingprograms. The taxing authorities are considering twoalternatives: a 1 percent increase in the sales tax rate or a new 2percent tax on the net income of corporations doing business in thejurisdiction. Based on recent economic data, the annual net incomesubject to the new tax would be $275 million. However, thejurisdiction would have to create a new agency responsible forenforcing and collecting the income tax. The estimated annual costof the agency is $500,000. Jurisdiction B borders four other taxingjurisdictions, all of which have a general sales tax and two ofwhich have a corporate income tax.

1. Based on a static forecast, how much incremental revenuewould Jurisdiction B raise under each alternative?

2. Assume that the taxing authorities in Jurisdiction B want adynamic forecast of the incremental revenues under eachalternative. What additional facts would be important in makingsuch a forecast and why?

Managerial accounting information is restricted by which of the following authorities or principles?

a.

Value Added Principle
b.

Generally Accepted Accounting Principles
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Securities and Exchange Commission
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Which of the following costs is not considered to be an inventory (product) cost?

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It is historically based.
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It is regulated by the SEC.
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It is directed to external users.
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Carson Manufacturing Company recognized accrued compensation for sales staff. Which of the following choices accurately reflects how this event would affect the company's financial statements?

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decrease one asset account and decrease an equity account.
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increase one asset account and decrease another asset account.
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increase one liability account and increase an asset account.
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A grumpy former employee calls the Executive Director of audit to report misappropriation of funds by the financial operations supervisor. Tests of the work subsequently verify the allegations. The Executive Director of audit should proceed, with which of the following actions based on the above information?

Notify the local authorities implementing laws

confront the supervisor of financial operations with the allegations

report to the Treasurer and the Chief Financial Officer of suspected fraud

notified the insurance agency

Explain and discuss the appropriate action given the allegations of fraud verification

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