Managerial accounting must conform to which of the following standards?
A) Generally Accepted Accounting Principles (GAAP)
B) International Financial Reporting Standards (IFRS)
C) Internal Revenue Service tax code
D) None of the above

Question

Quizplus · Accepted Answer

Managerial accounting does not have to conform to Generally Accepted Accounting Principles (GAAP), International Financial Reporting Standards (IFRS), or the Internal Revenue Service tax code. It is designed to meet the internal needs of the organization, and thus, it is more flexible and not bound by these external standards.

Managerial Accounting Must Conform to Which of the Following Standards