Which of the following is NOT a fundamental characteristic of management accounting as compared to financial accounting?

Question

Quizplus · Accepted Answer

Management accounting involves the collection, analysis, and interpretation of both financial and nonfinancial information to assist with decision-making within an organization. Financial accounting, on the other hand, focuses primarily on the preparation of financial statements for external stakeholders and does not typically include nonfinancial information. The other characteristics listed, evolving from best practices, serving competitive needs, and providing both financial and nonfinancial information, are all fundamental to management accounting.

Which of the Following Is NOT a Fundamental Characteristic of Management