The statement concerning differences between financial and management accounting which is false is:
A) There is no overlap between management accounting and financial accounting.
B) The distinction between the two areas, to some extent, reflects differences in access to financial information.
C) Managers have much more control over the form and content of their reports.
D) Management accounting is less constrained than financial accounting.

Question

Quizplus · Accepted Answer

There is overlap between management accounting and financial accounting. While financial accounting focuses on external reporting to stakeholders, management accounting provides information for internal decision-making purposes. However, there are differences in terms of the level of detail, scope, and format of the information provided.

The Statement Concerning Differences Between Financial and Management Accounting Which