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Question SHORT ANSWER (10 possible points) Pleasegive a brief answer to each of the following questions. Eachquestion is worth a possible 2 points. 1.Explain the difference between internal and external users of acorporation?s financial information. Give two examples of internal users and two of external users. 2. Howdo financial accounting and management accounting differ? 3.What does relevance mean with regard to the use ofaccounting information? 4.Briefly explain the purpose of a Trial Balance. 5.Explain briefly the Revenue Recognition Principle. When should apublisher of magazines recognize revenue?

Question

SHORT ANSWER (10 possible points)

Pleasegive a brief answer to each of the following questions. Eachquestion is worth a possible 2 points.

1.Explain the difference between internal and external users of acorporation?s financial information. Give two examples of

internal users and two of external users.

2. Howdo financial accounting and management accounting differ?

3.What does relevance mean with regard to the use ofaccounting information?

4.Briefly explain the purpose of a Trial Balance.

5.Explain briefly the Revenue Recognition Principle. When should apublisher of magazines recognize revenue?

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