2. Explain basic terminology used in accounting with practical examples.
3. Write about external interested user of accounting information and their interest in relation to business.
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Internal users are the primary users of accounting.
Following are the 3 types of internal users and their information needs:
Owners
Owners need to assess how well their business is performing.
Financial statements provide information to owners about the profitability of the overall business as well as individual products and geographic segments.
Explanation:
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