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21 Feb 2020

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

Ā 

  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?

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

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Value Added Principle
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Generally Accepted Accounting Principles
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decrease one asset account and decrease an equity 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?

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

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