Which of the following is not a characteristic of managerial accounting?
A)Reports are used primarily by insiders rather than by persons outside of the business entity.
B)Its purpose is to assist managers in planning and controlling business operations.
C)Information must be developed in conformity with generally accepted accounting principles or with income tax regulations.
D)Information may be tailored to assist in specific managerial decisions.

Question

Quizplus · Accepted Answer

Managerial accounting is not required to conform to generally accepted accounting principles or income tax regulations. Instead, it focuses on providing information that is relevant and useful for internal decision-making, planning, and control of business operations. Reports are often tailored to the specific needs of managers and may include non-financial information.

Which of the Following Is Not a Characteristic of Managerial