Which statement best describes managerial accounting reports?
A) The reports are prepared to meet the needs of decision makers within the firm.
B) The reports are prepared for external shareholders, lenders, and tax authorities.
C) The reports are prepared according to International Financial Reporting Standards (IFRS).
D) The reports are prepared according to guidelines prepared by the Ontario Securities Commission (OSC).

Question

Quizplus · Accepted Answer

Managerial accounting reports are prepared to meet the needs of decision makers within the firm such as managers, executives, and internal stakeholders. These reports provide information and analysis to help with planning, controlling, and decision-making processes. The other options (B, C, and D) do not accurately describe managerial accounting reports.

Which Statement Best Describes Managerial Accounting Reports