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THE FIELD OF ACCOUNTING (A System for Creating Accounting Information…

- - - - External users are those groups of individuals who are not directly concerned with the day to day operations of the entity, but who are indirectly related to it. These users include: owners, lenders, suppliers, potential investors and creditors, employees, taxing authorities etc.
    - - Managerial accounting systems are primarily designed to supplement the financial accounting information for internal users, thus assisting them in reaching certain operating decisions.
- - - - To organize the accounting information in a useful form, we summarize the classified information into accounting reports designed to meet the information needs of business decision makers.
- - - - In contrast to the accountant in public practice who serves many clients, an accountant in private industry is employed by a single enterprise.