Management accountants are required to follow the generally accepted accounting principles that are used for external financial reporting when preparing reports for internal users.

Question

Quizplus · Accepted Answer

Management accountants may use different methods and techniques than those used for external financial reporting, as their reports are tailored for internal decision-making purposes rather than public disclosure. However, they should still ensure that their reports are accurate and relevant to the needs of their intended audience.

Management Accountants Are Required to Follow the Generally Accepted Accounting