Question

Why do the users want accounting information?

Answer 1

Answer:

They need accounting information to assess the financial performance and position and to have a reasonable assurance that the business to whom they are going to lend money would be able to return the principal amount as well as pay interest there on.

Explanation:

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Answer 2

They need accounting data to assess financial performance and position, as well as a reasonable guarantee that the company to whom they're lending money will be able to return the principal and interest.

Accounting data:

• Financial and operational data are processed into reports by an accounting information system.
• Users of accounting data will benefit from these reports.

• Internal users and external users are the two main types of accounting information users.
• Individuals who plan, coordinate, and run the business are internal accounting information users.
• Individuals and organisations outside of a business entity who require financial information about the business entity are referred to as external users.

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