Which of the following statements is INCORRECT?
A) The primary users of management accounting are the company's managers.
B) Management accounting information is used to help managers plan and control their operations.
C) Management accounting information does not require an external audit.
D) Management accounting information is required to comply with generally accepted accounting principles.

Question

Quizplus · Accepted Answer

Management accounting information is not required to comply with generally accepted accounting principles as it is not used for external financial reporting purposes. Its purpose is to help managers make informed decisions about the operations of the company.

Which of the Following Statements Is INCORRECT