Question

Managerial accounting is governed by generally accepted accounting principles (gaap). a. true b. false

Answer 1

This is a False Statement.

Generally Accepted Accounting Principles (GAAP) need not be followed by managerial accountants when preparing management reports.

Specifically, management accounting aims to

• provide Information for internal Organisation managers

• providing details to governmental regulating bodies

• Information for shareholders, the accounts payable department, and other parties outside the company

• information to shareholders, accounts payables, and other parties outside the company, as well as information to management inside the firm.

To Learn more about Management Accounting, Click the links.

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