Managerial accounting reporting by a public firm is required to follow the rules of GAAP and guidelines of the Securities and Exchange Commission.

Question

Quizplus · Accepted Answer

Managerial accounting reports are internal and do not need to follow the rules of GAAP (Generally Accepted Accounting Principles) or the guidelines of the Securities and Exchange Commission (SEC), which are required for external financial reporting.

Managerial Accounting Reporting by a Public Firm Is Required to Follow