Inanical Accounting Concepts Phase 1 DB

The users of accounting information in businesses are the owners of the business (sole proprietors, partnerships, stockholders, and those with money to invest). Describe each user group. Next explain the basic accounting equation (Assets Liabilities + Owner s Equity) and tell where the differences are between sole proprietors and partners or corporations.

Identify the various user groups which need accounting information and the characteristics of the information that they need.
State the basic accounting equation and explain the meaning of assets, liabilities, and owner s equity.