1)You are likely using various forms of social media (e.g., Twitter, Facebook). Please explore the idea...

50.1K

Verified Solution

Question

Accounting

1)You are likely using various forms of social media (e.g.,Twitter, Facebook). Please explore the idea of how would thisnon-financial information external to the company be of use? Whatother nonfinancial information would be useful? Could you think offinancial information that is external to the organization thatmight be useful to management as well?
2)Why is it important for an accountant to understand theirbusiness and industry as well as managements informational needs inaddition to knowing how to generate financial statements? Pleasepresent your own examples.
Please help me out!

Answer & Explanation Solved by verified expert

3.6 Ratings (640 Votes)

For a better explanation answering has been done on various parts How would this nonfinancial information external to the company be of use Nonfinancial information from Social media will help the company in understanding the trend or taste of its prospective customers For Example An apparel company can conduct a survey using the social media for knowing the interest of the youth for a See Answer

Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:

Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!

Become a Member