Which of the following does NOT explain the distinction between financial statements and management accounts? A Financial statements are primarily for external users and management accounts are primarily for internal users B Financial statements are normally produced annually and management accounts are normally produced monthly C Financial statements are more detailed than management accounts D Financial statements are audited by an external auditor and management accounts do not normally have an external audit

Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Gary A. Porter, Curtis L. Norton
Chapter1: Accounting As A Form Of Communication
Section: Chapter Questions
Problem 1.7DC
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Which of the following does NOT explain the distinction between financial statements and
management accounts?
A Financial statements are primarily for external users and management accounts are
primarily for internal users
B Financial statements are normally produced annually and management accounts are
normally produced monthly
C Financial statements are more detailed than management accounts
D Financial statements are audited by an external auditor and management accounts do not
normally have an external audit

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