Which of the following is not a characteristic of managerial accounting?
A) Information is used by internal parties.
B) Information is subjective, relevant, future-oriented.
C) Reports are prepared as needed.
D) Reports are prepared according to GAAP.

Question

Quizplus · Accepted Answer

Managerial accounting reports are not prepared according to Generally Accepted Accounting Principles (GAAP). Rather, they are prepared to meet internal management needs and may include subjective, relevant, and future-oriented information. Reports are prepared as needed, rather than according to a set reporting schedule.

Which of the Following Is Not a Characteristic of Managerial