Managerial accountants must comply with Generally Accepted Accounting Principles (GAAP)standards when they prepare managerial accounting reports.

Question

Quizplus · Accepted Answer

Managerial accounting reports are not required to follow GAAP standards as they are intended for internal use by management and not for external financial reporting purposes. However, managerial accountants may choose to follow GAAP principles for consistency and accuracy.

Managerial Accountants Must Comply with Generally Accepted Accounting Principles (GAAP)standards