Which of the following is not a correct statement?
A)Managerial accounting benefits internal users.
B)Managerial accounting reports must comply with generally accepted accounting principles.
C)Managerial accounting includes reports and information prepared for a range of decision makers within the organization.
D)Managerial accounting reports come in a variety of formats.

Question

Quizplus · Accepted Answer

Managerial accounting reports do not have to comply with generally accepted accounting principles, unlike financial accounting reports that must follow GAAP guidelines. Managerial accounting reports are tailored to meet the specific needs of internal decision-making and therefore may not adhere to external reporting rules.

Which of the Following Is Not a Correct Statement