Which one of the following statements is not correct regarding financial ?accounting and management accounting Both financial accounting and management accounting involve the .use of accounting information Financial accounting needs to follow specific set of rules calledb accounting standards unlike management accounting .a Management accounting reports need to be audited to verify their .c accuracy unlike financial accounting reports which do not need to .be audited Management accounting information emphasize supporting .d decisions that affect the future unlike financial accounting information, which focus on the consequences of past activities of .the organization None of the given answers .e
Which one of the following statements is not correct regarding financial ?accounting and management accounting Both financial accounting and management accounting involve the .use of accounting information Financial accounting needs to follow specific set of rules calledb accounting standards unlike management accounting .a Management accounting reports need to be audited to verify their .c accuracy unlike financial accounting reports which do not need to .be audited Management accounting information emphasize supporting .d decisions that affect the future unlike financial accounting information, which focus on the consequences of past activities of .the organization None of the given answers .e
Chapter1: Accounting As A Tool For Managers
Section: Chapter Questions
Problem 10MC: Which of the following statements is incorrect? The practice of management accounting is fairly...
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