What is characteristic of management accounting reports?
A)The reports are prepared to meet the needs of decision makers within the firm.
B)The reports are prepared whenever stockholders request them.
C)The reports are prepared according to guidelines prepared by the Ontario Securities Commission (OSC).
D)The reports are prepared according to IFRS.

Question

Quizplus · Accepted Answer

Management accounting reports are prepared to meet the needs of decision makers within the firm. These reports are not meant for external parties like stockholders or regulatory bodies like OSC. While IFRS may be used as a basis for preparing financial statements, management accounting reports may not necessarily follow all IFRS guidelines.

What Is Characteristic of Management Accounting Reports