Mr. James operates a small fishing business in Barbados. He keeps records of all his catches, fuel expenses, and sales to local restaurants. Which user of accounting information would be MOST interested in knowing whether Mr. James can repay a loan?

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Question

Mr. James operates a small fishing business in Barbados. He keeps records of all his catches, fuel expenses, and sales to local restaurants. Which user of accounting information would be MOST interested in knowing whether Mr. James can repay a loan?

Accepted Answer

Creditors — Award 1 mark for identifying creditors as the users most concerned with the ability to repay loans. A is incorrect — employees are primarily interested in job security and wages. B is incorrect — tax authorities focus on taxable income. D is incorrect — competitors are not legitimate users of Mr. James's financial information.

Answer

Competitors

Answer

Creditors

Answer

Employees

Answer

Government tax authorities

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