Which of the following statements is TRUE about managerial accounting information?
A) It is prepared annually and quarterly.
B) It is audited.
C) It emphasizes relevance.
D) It must be prepared in conformity with generally accepted accounting principles (GAAP).

Question

Quizplus · Accepted Answer

Managerial accounting information emphasizes relevance over conformity with GAAP. It is used by internal users for decision-making, planning, and control purposes and is not typically audited. It can be prepared on a monthly, weekly, or even daily basis depending on the needs of the organization.

Which of the Following Statements Is TRUE About Managerial Accounting