Acc 561 Wk 1 Discussion Questions And Answers.

Internal user such as managers can gather information from financial statements. The information gathered can be used in making decisions. Employees can look for information relating to the profitability of their employer from the financial statements. Such information can be used in salary negotiations. Directors can use financial statements to make decisions on the management of their company. For example directors can use financial statements to decide on performance bonus. Directors also need to find about cash flow from the financial statements. Most importantly directors may judge their own performance from financial statements. (Atrill McLaney, 2013). References Atrill, P., McLaney, E. (2013). Accounting and finance for non-specialists. 8th Ed. Harlow, UK Pearson Publishing. Accounting Tools for Business Decision Making. 6th Edition. Paul D. Kimmel Jerry J. Weygandt Donald E. kieso. Kimmel, P. D., Weygandt, J. J., Kieso, D. E. (2016).Accounting Tools for business decision making. Hoboken, NJ John Wiley Sons. Accounting Tools for Business Decision Making, Ch. 2 A Further Look at Financial Statements What are the key accounting assumptions identified in this chapter (I need two separate responses for this question). Full disclosure and cost principal are key assumptions of financial statements. Full disclosure requires that all relevant financial