Which of the following statements is true about managerial accounting?
A)Managerial accounting reports aid potential investors.
B)Managerial accounting reports must follow GAAP.
C)Managerial accounting reports are audited by CPAs.
D)Managerial accounting reports provide detailed internal information.

Question

Quizplus · Accepted Answer

Managerial accounting reports provide detailed internal information to aid management in making informed decisions. They are not intended for external users such as investors and therefore do not need to follow GAAP or be audited by CPAs.

Which of the Following Statements Is True About Managerial Accounting