Which of the following statements is true regarding managerial accounting information?
A)Managerial accounting information is audited by CPAs.
B)Managerial accounting information emphasizes relevance.
C)Managerial accounting information is prepared annually and quarterly.
D)Managerial accounting information must be prepared in conformity with Generally Accepted Accounting Principles (GAAP).

Question

Quizplus · Accepted Answer

Managerial accounting information is used by managers to make internal business decisions, so relevance is more important than conformity with GAAP. It is not audited by CPAs and is prepared as needed, not necessarily on an annual or quarterly basis.

Which of the Following Statements Is True Regarding Managerial Accounting