Asked by Norma Ocampo on May 31, 2024
Verified
Which of the following is not a characteristic of useful managerial accounting reports?
A) accurate
B) GAAP-adhering
C) historical and estimated data
D) prepared as needed
GAAP-Adhering
Compliance with Generally Accepted Accounting Principles, which are accounting standards aimed at ensuring the financial statements of a company are transparent and consistent.
Useful Managerial Reports
Reports generated within a company to help managers make decisions regarding the company's operations.
- Determine the features of effective managerial accounting reports.
Verified Answer
ZK
Zybrea KnightJun 02, 2024
Final Answer :
B
Explanation :
Managerial accounting reports are designed for internal use and do not need to adhere to Generally Accepted Accounting Principles (GAAP), unlike financial accounting reports which are intended for external stakeholders and must comply with GAAP.
Learning Objectives
- Determine the features of effective managerial accounting reports.
Related questions
Which of the Following Is the Primary Criterion for the ...
A Report Analyzing the Dollar Savings of Purchasing New Equipment ...
Which of the Following Would Be Least Likely to Be ...
Which of the Following Is the Principal Reason for Preparing ...
Managerial Accounting Reports Must Be Prepared According to Generally Accepted ...